COVID-19: 'Eye-watering' fraud levels in loans missed by government, says watchdog

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Early warning signs of fraud, like more than 120,000 new companies being registered as the country went in to lockdown, were missed by the government, which still does not know the true extent of losses from the schemes.

Fraud and errors related to loans from the government’s COVID-19 business support schemes will cost taxpayers at least £4.9bn, a parliamentary budget oversight group has said.

The"eye-watering" true amount lost over those two years could end up being even higher,"as assessments catch up with payments made", the Public Accounts Committee warned.

 

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Amazing the gov can see this fraud by others but can’t/ won’t address the fraud and corruption by there own gov regarding procurement of lft’s , ppe and track n trace , billions of tax payers money . Money before lives the Tory way !!

Well done Ruthless.

Time you robbers was bringing down the sky subscription ffs astronomical for channels full of old repeats

The processes to follow the convoluted rules didn't help one bit. There was so many documents received, double-checked, counter-checked, social media checked etc that many staff in councils were totally overwhelmed and, rules were changed in the middle of it by the governments

Nothing surprises me. With let's go Brandon at the helm.

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