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UK taxpayers left footing bill as number of fraudulent Covid loans soars
Figures show that lenders flagged nearly £1.7bn of government-backed loans for potential fraud at end of June
UK taxpayers have been forced to cover a larger bill for Covid support to companies than expected, after fresh government data showed the amount of pandemic business loans flagged for fraud had jumped by 43%.
Figures released by the Department for Business and Trade showed that high street banks and other private lenders – which were responsible for distributing government-backed loans during the Covid crisis – had flagged nearly £1.7bn worth of loans for potential fraud at the end of June. That marks a 43% rise from the £1.1bn flagged three months earlier.
Read the original article at The Guardian