Reeves Mulls Rescuing Banks Behind Car Loan Saga, Guardian Says

The UK’s Chancellor of the Exchequer Rachel Reeves is considering a legislative measure that could potentially reduce the amount of compensation lenders need to pay for controversial practices at their car-loan businesses, the Guardian reported, citing people it didn’t name.

Some of Britain’s lenders, including Close Brothers Group Plc and Lloyds Banking Group Plc, are awaiting a Supreme Court verdict after appealing a lower tribunal’s decision that deemed it unlawful on their part to pay car dealers commission to sell their loans without the consent of consumers.

Under Treasury contingency plans being discussed in the event that justices ...