COVID fraud set to cost UK taxpayers tens of billions pounds-report By Reuters
LONDON (Reuters) - Fraud and error from a loan scheme to help businesses cope with the COVID-19 pandemic could cost the British taxpayer up to 27 billion pounds ($37 billion), on top of some 50 billion pounds a year lost to criminals and mistakes, a report said on Wednesday. The Bounce Back Loan Scheme was launched in May last year to allow banks to quickly lend businesses up to 50,000 pounds with 100% state guarantee to help them cope with losses during national lockdowns. But, the government’s business department (BEIS) estimates that between 35-60% of...
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