Treasury steps in to protect car loan firms’ payouts
The vast majority of new cars sold in the UK, and many second-hand ones, are bought with finance agreements.
Some analysts estimate that total payments could reach as much as £30bn in a scandal that could end up being the largest compensation scheme regarding financial products since the payment protection insurance (PPI) saga.
As well as the size of the compensation bill, the Treasury’s submission to the Supreme Court – which it confirmed to the BBC it has received – includes concerns that any uncertainty could undermine the UK’s competitiveness.
It is understood that the Treasury’s intervention could be to show that the UK is still a good place to do business and emerges as Chancellor Rachel Reeves is at the World Economic Forum in Davos, Switzerland to speak to world leaders.
Her budgetary decisions have not buoyed investors’ confidence in the UK economy at as borrowing costs have soared.
Related
UK’s Global Science and Tech Ambitions Refreshed Under New Brand
The UK’s global team for forging the international collaboration and championing the power of British science and tech expertise to solve some of the worldâ€
Intertrade UK Kickstarts Drive to Boost Trade
In a further move to strengthen and protect the UK internal market for businesses across the country, Intertrade UK will hold its first meeting. The Secretary
Rail fares rise by 4.6% in England and Wales
The rail fare rise for regulated tickets includes most season tickets covering commuter routes in England, which can cost thousands of pounds.Some off-peak retu
Prince Andrew’s Pitch@Palace financial deal likely to collapse
Sean CoughlanRoyal correspondentBen KingBusiness reporterGetty ImagesPrince Andrew has been under pressure to find funding for his home in WindsorA deal to take
