The Supreme Court has rejected Labour Party Chancellor Rachel Reeves’ attempt to intervene in a high-profile case concerning a £44 billion bill faced by lenders involved in a car loan commission scandal. Ms. Reeves had sought to prevent lenders from bearing the massive financial burden, but judges at the Supreme Court dismissed her application, which was lodged last month.
The Treasury submission on Monday warned that the case could “generate a perception that regulation in the UK is uncertain.” The letter, first reported by the Financial Times, also cautioned that “any remedy should be proportionate to the loss actually suffered by the consumer and avoid conferring a windfall.”
