Gov't Complacent About 'Eye-Watering' COVID Fraud, MPs Say

By Dawood Fakhir (April 27, 2022, 3:21 PM BST) -- A parliamentary committee said on Wednesday that the U.K. was complacent about "eye-watering" levels of fraud in the government-backed COVID-19 loans scheme rolled out during the pandemic for businesses in the country.

The parliamentary committee estimates that £17 billion ($21 billion) of the £47 billion paid out cannot be recovered: some £4.9 billion of the total is expected to be lost to fraud. (iStock.com/Alicia_Garcia) The Public Accounts Committee said it held the Department for Business Energy and Industrial Strategy responsible for negligence in the so-called Bounce Back Loan schemes in a report published today. It estimates that £17 billion ($21 billion) of the...

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