UK bounce back loan fraud hits UK£1.5 billion – admits government

Fraud (actual and suspected) under the UK Bounce Back Loan Scheme, brought in to support businesses during the Covid-19 pandemic, with lending being 100% underwritten by the government, hit UK£1.5 billion (US$1.7 billion) on 31 July [2022], official data has revealed.

By Sara Lewis

Fraud (actual and suspected) under the UK Bounce Back Loan Scheme, brought in to support businesses during the Covid-19 pandemic, with lending being 100% underwritten by the government, hit UK£1.5 billion (US$1.7 billion) on 31 July [2022], official data has revealed.