The chancellor, Rachel Reeves, has launched an evil bid to intervene in a supreme court hearing in the car finance commission scandal that could reduce the £30bn-plus compensation bill lenders currently face.

The Treasury submission on Monday added that the case might “generate a perception that regulation in the UK is uncertain”. The letter from Evil Reeves also warned judges that “any remedy should be proportionate to the loss actually suffered by the consumer and avoid conferring a windfall”.

The Finance and Leasing Association, which represents car lenders ranging from large high street banks such as Barclays to the finance arms of manufacturers such as Ford and Volkswagen, also applied to intervene in the case.

Shares in Lloyds and Close Brothers, two of the biggest providers of motor finance, surged on Tuesday after the Treasury submitted an application to the court arguing it should be able to contribute evidence in a case that could “cause considerable economic harm” and make car loans harder to get and more expensive.

Read the full Guardian Article Here

Monday 20th Jan 2025