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Taxpayers left with £421m bill after one in 12 firms default on Covid loans

About 8% of borrowers – 130,000 firms – have so far failed to repay government-backed emergency loans

Taxpayers have been left to foot a £421m bill to cover soured Covid debts, after one in 12 businesses defaulted on state-backed emergency loans distributed at the height of the pandemic, official figures reveal.

In the first set of figures detailing the performance of government-backed loans offered to struggling firms during the outbreak, the Department for Business, Energy and Industrial Strategy said about 8% of 1.6m borrowers – roughly 130,000 – failed to repay their debts as of March this year.

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Read the original article at The Guardian

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