Costs judge Master O’Hare writing in the New Law Journal on the subject of costs budgeting:
“In costs estimates considered by the courts in earlier years it was common for a percentage to be added to cover for contingencies. In the new regime there is no need for this sort of contingency to be claimed: each guess you make as to future costs will be an approximation which you will revise as the case proceeds.”
Once a budget is set you can revise away as much as you like but it may not do you any good. PD 3E para.2.6 states:
“Each party shall revise its budget in respect of future costs upwards or downwards, if significant developments [emphasis added] in the litigation warrant such revisions. … The court may approve, vary or disapprove the revisions, having regard to any significant developments[emphasis added] which have occurred since the date when the previous budget was approved or agreed.”