• Login
  • Register
The Daily Sceptic
No Result
View All Result
  • Articles
  • About
  • Archive
    • ARCHIVE
    • NEWS ROUND-UPS
  • Podcasts
  • Newsletter
  • Premium
  • Donate
  • Log In
The Daily Sceptic
No Result
View All Result

Fraudsters Steal £5 Billion By Exploiting Lockdown Loan Scheme

by Luke Perry
4 December 2021 10:02 AM
Hacker dark face using laptop in the dark room

Hacker dark face using laptop in the dark room

According to the National Audit Office (NAO), fraudsters heavily exploited the Covid Bounce Back Loan scheme, implemented by the Government to help small and medium-sized businesses survive the impact of lockdown restrictions. The project cost roughly £47 billion, with fraudsters pocketing £4.9 billion, or 11% of the total figure. RT has the story.

Established during the pandemic, the scheme offered loans of up to £50,000 to small and medium-sized businesses to help them cope with and recover from the pandemic. Having now closed, it handed out 1.5 million loans to a quarter of U.K. businesses, totalling around £47 billion.

An investigation by the NAO has discovered that “high levels of estimated fraud” was carried out by criminals after anti-fraud measures were “implemented too slowly“.

Out of the loans handed out, 11% have been deemed to be fraudulent, as of March, costing the U.K. Government nearly £4.9 billion.

“The true level of fraud will become clearer over time,” Gareth Davies, the head of the NAO, stated, adding “it is clear Government needs to improve on its identification, quantification and recovery of fraudulent loans within the scheme“.

The NAO’s assessment warns the U.K. Government that more than a third of the loans, valued at £17 billion, might never be repaid due to both a combination of criminals fraudulently claiming money and businesses defaulting on their debt.

Worth reading in full.

Tags: FraudLockdowns

Donate

We depend on your donations to keep this site going. Please give what you can.

Donate Today

Comment on this Article

You’ll need to set up an account to comment if you don’t already have one. We ask for a minimum donation of £5 if you'd like to make a comment or post in our Forums.

Sign Up
Previous Post

UKHSA Efficacy Stats Death Watch: Week 48

Next Post

New Covid Variant Hits South Park

Subscribe
Login
Notify of
Please log in to comment

To join in with the discussion please make a donation to The Daily Sceptic.

Profanity and abuse will be removed and may lead to a permanent ban.

62 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

NEWSLETTER

View today’s newsletter

To receive our latest news in the form of a daily email, enter your details here:

DONATE

PODCAST

Special Episode of the Sceptic: Charles Cornish-Dale on Testosterone Decline, How the Modern World Is Making Us Sick and How to Save the West

by Richard Eldred
11 July 2025
1

LISTED ARTICLES

  • Most Read
  • Most Commented
  • Editor’s Picks

Emergency Exit at English Heritage

12 July 2025
by Mike Wells

Reform MP Sarah Pochin Accused of Lying About Impact of Illegal Migrants by Labour Council

12 July 2025
by Steven Tucker

Water Companies Use Smart Meters to Impose Surge Pricing During Heatwaves

12 July 2025
by Will Jones

News Round-Up

13 July 2025
by Will Jones

Over-Labelling Children With ‘Special Needs’ has Failed a Generation

12 July 2025
by Mary Gilleece

Water Companies Use Smart Meters to Impose Surge Pricing During Heatwaves

29

News Round-Up

31

Emergency Exit at English Heritage

17

Over-Labelling Children With ‘Special Needs’ has Failed a Generation

13

News Round-Up

11

Dr Charles Cornish-Dale: “Reproduction May Become Impossible”

13 July 2025
by Laurie Wastell

German Greens Demand Price Controls on Ice Cream Because Their Own Policies Have Made it Unaffordable

13 July 2025
by Tilak Doshi

Emergency Exit at English Heritage

12 July 2025
by Mike Wells

Over-Labelling Children With ‘Special Needs’ has Failed a Generation

12 July 2025
by Mary Gilleece

How Much Does Cancel Culture Harm Academics’ Careers?

12 July 2025
by Noah Carl

POSTS BY DATE

December 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Nov   Jan »

SOCIAL LINKS

Free Speech Union

NEWSLETTER

View today’s newsletter

To receive our latest news in the form of a daily email, enter your details here:

POSTS BY DATE

December 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Nov   Jan »

DONATE

LISTED ARTICLES

  • Most Read
  • Most Commented
  • Editor’s Picks

Emergency Exit at English Heritage

12 July 2025
by Mike Wells

Reform MP Sarah Pochin Accused of Lying About Impact of Illegal Migrants by Labour Council

12 July 2025
by Steven Tucker

Water Companies Use Smart Meters to Impose Surge Pricing During Heatwaves

12 July 2025
by Will Jones

News Round-Up

13 July 2025
by Will Jones

Over-Labelling Children With ‘Special Needs’ has Failed a Generation

12 July 2025
by Mary Gilleece

Water Companies Use Smart Meters to Impose Surge Pricing During Heatwaves

29

News Round-Up

31

Emergency Exit at English Heritage

17

Over-Labelling Children With ‘Special Needs’ has Failed a Generation

13

News Round-Up

11

Dr Charles Cornish-Dale: “Reproduction May Become Impossible”

13 July 2025
by Laurie Wastell

German Greens Demand Price Controls on Ice Cream Because Their Own Policies Have Made it Unaffordable

13 July 2025
by Tilak Doshi

Emergency Exit at English Heritage

12 July 2025
by Mike Wells

Over-Labelling Children With ‘Special Needs’ has Failed a Generation

12 July 2025
by Mary Gilleece

How Much Does Cancel Culture Harm Academics’ Careers?

12 July 2025
by Noah Carl

SOCIAL LINKS

Free Speech Union
  • Home
  • About us
  • Donate
  • Privacy Policy

Facebook

  • X

Instagram

RSS

Subscribe to our newsletter

© Skeptics Ltd.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Articles
  • About
  • Archive
    • ARCHIVE
    • NEWS ROUND-UPS
  • Podcasts
  • Newsletter
  • Premium
  • Donate
  • Log In

© Skeptics Ltd.

wpDiscuz
You are going to send email to

Move Comment