Up to UK£5 billion lost to Covid-19 loans fraud as basic checks not made, MPs told

By Sara Lewis

Up to UK£5 billion (US$6.56 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 15 March [2022], after it had summoned bankers and government officials for questioning.