This study investigated whether reasoning biases are specific to people with delusions and the role of emotional material on “jumping to conclusions”. Associations between reasoning and cognitive factors as well as other top-down factors such as metacognition were also explored. A comparative design was used to investigate group differences between people with persecutory delusions, people with panic disorder and non-patient controls. A probabilistic reasoning task involving three types of material was utilized to investigate the effect of emotional content on reasoning. Participants also completed questionnaire measures to explore whether hasty decision making was associated with measures of mood or cognitive processes. The results of the reasoning task showed that there was no main effect of group. However, all participants requested significantly less information on the two types of emotional material. None of the questionnaire measures were associated with performance on the reasoning task. Aspects of metacognition were found to be associated with ratings of delusions. This study suggested that between group differences in reasoning were small but that emotional content increases haste of decision making across all groups.