3Interest on arbitral awards
(1)In the [1950 c. 27.] Arbitration Act 1950, for section 20 (interest on awards) there shall be substituted the following section—
“20Interest on awards
(1)A sum directed to be paid by an award shall, unless the award otherwise directs, carry interest as from the date of the award.
(2)The rate of interest shall be—
(a)the rate for judgment debts specified in section 17 of the Judgments Act 1838 at the date of the award; or
(b)if the power under subsection (3) below is exercised, the rate specified in the award.
(3)Where the sum is expressed in a currency other than sterling, the award may specify such rate as the arbitrator or umpire thinks fit instead of the rate mentioned in subsection (2)(a) above.”
(2)Subsection (1) above does not apply in relation to an award made before the commencement of this section.