UK SCRAPS GUARANTEES ON FRAUD PRONE COVID LOAN SCHEMES
November 28th, 2023
The UK government’s British Business Bank (BBB) has cancelled some guarantees offered to banks to lend to crisis-hit businesses during the Covid-19 pandemic. Figures obtained by Reuters under a freedom of information (FOI) request show that the state-owned financier had withdrawn guarantees to loans made by commercial banks, which it had originally underwritten at the height of the health crisis, worth GBP979 million pounds (USD1.2 billion) linked to 10,786 outstanding loans by October 11. While large, the amount is a fraction of the GBP77 billion (USD94.6 ...
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