MPs warn COVID loan fraud will cost taxpayers up to £ 27bn

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Law360, London (30 June 2021 14:57 Moscow time). Companies that dishonestly used the government-backed coronavirus lending program could cost taxpayers a total of £ 27 billion ($ 37 billion), a group of MPs said Wednesday. as scammers take advantage of the economic turmoil caused by the pandemic.

The Parliamentary Committee on Public Accounts said that 35% to 60% of loans provided under the government loan repayment scheme may not be repaid due to fraud or credit problems. The Department of Business estimates that it could cost the country’s treasury £ 27 billion, the committee said in a report released Wednesday.

Chancellor Rishi Sunak announced a 100% government loan scheme in …

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