UK FAILED TO PREVENT FRAUD WITH BOUNCE BACK COVID LOAN SCHEME, SAYS WATCHDOG

The UK’s National Audit Office (NAO) has said the British government failed to put adequate measures in place to prevent fraudsters stealing GBP4.9 billion (USD6.4 billion) through its GBP47 billion (USD62 billion) Bounce Back Loan Covid-19 recovery scheme. Launched in May 2020, the fund guarantees low interest loans to small businesses through commercial lenders of up to GBP50,000 (USD66,000) or 25% of turnover, and to ensure quick payments, allowed self-certification, the NAO noted in ‘The Bounce Back Loan Scheme: an update’ (1). “The government ...


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