“COLOSSAL COCK-UP” IN STATE SUPERVISION SEES GBP5 BILLION IN TAXPAYER MONEY LOST TO COVID-19 LOANS FRAUD
March 24th, 2022
Up to GBP5 billion (USD6.56 billion) was lost to fraud through mismanagement of the UK government’s Covid-19 bounce back loan scheme, the House of Commons business, energy and industrial strategy (BEIS) select committee was told on March 15, after it had summoned bankers and government officials for questioning. Launched in May 2020 as part of a package of business support measures to keep the economy afloat during the pandemic, the scheme saw banks issue 1.6 million loans worth GBP47 billion (USD61.6 billion) until the scheme lapsed in March 2021, 100% ...
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