Food & Drink3 mins ago
Covid Fraud ‘Shocking’ Says S F O
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More than 16,000 businesses which took out a type of government-backed Covid loan have gone bust without paying the money back, the BBC has found.
Hundreds of directors, who got loans they were not entitled to, have also been disqualified.
The cost to the taxpayer of these insolvencies could be as much as £500m, and is likely to grow as more companies go under.
Questions are now being asked about what is being done to recoup the money.
The figures, obtained by the BBC under a Freedom of Information request, have been described as "shocking" by a former head of the Serious Fraud Office.
No wonder we’re in such a state. Diabolical.
More than 16,000 businesses which took out a type of government-backed Covid loan have gone bust without paying the money back, the BBC has found.
Hundreds of directors, who got loans they were not entitled to, have also been disqualified.
The cost to the taxpayer of these insolvencies could be as much as £500m, and is likely to grow as more companies go under.
Questions are now being asked about what is being done to recoup the money.
The figures, obtained by the BBC under a Freedom of Information request, have been described as "shocking" by a former head of the Serious Fraud Office.
No wonder we’re in such a state. Diabolical.
Answers
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The government is going to spend millions investigatin
20:07 Wed 03rd Aug 2022
In December last year, the National Audit Office (NAO) estimated that of the £47 billion paid from the Bounce Back Loan Scheme, £17 billion is, "the [Department for Business, Energy & Industrial Strategy's] estimated, but highly uncertain, value of losses from loans that will not be repaid (31 March 2021)"
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That's more than a third of the amount paid out.
It appears something went awry somewhere in the process...
https:/
That's more than a third of the amount paid out.
It appears something went awry somewhere in the process...
//More than 16,000 businesses which took out a type of government-backed Covid loan have gone bust without paying the money back, the BBC has found.//
Do you seriously think all these businesses who took out loans went bust on purpose?
//Questions are now being asked about what is being done to recoup the money.//
Are they? Good Luck to anyone trying to re-coup money from a Bankrupt.
The Government should try and recoup some of the millions of pounds wasted on PPI, contracted from their buddy mates, which wasn't up to standard
Do you seriously think all these businesses who took out loans went bust on purpose?
//Questions are now being asked about what is being done to recoup the money.//
Are they? Good Luck to anyone trying to re-coup money from a Bankrupt.
The Government should try and recoup some of the millions of pounds wasted on PPI, contracted from their buddy mates, which wasn't up to standard
1 to 10 of 10
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