Nearly £20 billion to be lost from Covid loan schemes

Nearly £20 billion to be lost from Covid loan schemes

Nearly £20 billion to be lost from Covid loan schemes he Government will lose less money from three Covid loan schemes due to businesses defaulting or committing fraud than first feared, new figures suggest. An estimate from the Department for Business Energy & Industrial Strategy (BEIS) found that around £19.8 million out of the £66.5 billion that was lent under three schemes could be lost. The data only runs until March this year, and over £10 billion more was lent before they closed, so the final lost figure is likely to be a little higher. It is a large amount of money, but far behind an earlier estimate that put the losses at between 35% and 60% – or around £23 billion to £40 billion on the loans that had …
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