Britain is hooked on car finance
It’s unnerving to think how close Britain came to financial disaster last Friday, ahead of a Supreme Court ruling on – of all things – car financing. In October, the Court of Appeal found that motor finance firms could be liable for hidden commission payments to car dealers. If the Supreme Court had agreed, the biggest lenders, including Lloyds Banking Group, Santander, Barclays and Close Brothers, would have been on the hook for some £44 billion, with Lloyds already putting aside £1.15 billion for compensation payments and Close Brothers selling off its asset management arm this year. In an unprecedented intervention, Rachel Reeves urged the court to avoid handing out
