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Select Committee · Public Accounts Committee

BEIS Annual Report & Accounts 2021-22

Status: Closed Opened: 8 Nov 2022 Closed: 27 Jun 2023 6 recommendations 18 conclusions 1 report

The Committee will take evidence from banks which have lent money as part of the Bounce Back Loan Scheme, and afterwards question senior officials at the Department for Business, Energy and Industrial Strategy on their annual report and accounts for 2021-22 , including the performance of COVID support schemes such as the Bounce Back loans …

Clear

Reports

1 report
Title HC No. Published Items Response
Forty-Fifth Report - Department for Business, Energy & Indu… HC 1254 26 Apr 2023 24 Responded

Recommendations & Conclusions

4 items
10 Conclusion Forty-Fifth Report - Department for Bus… Acknowledged

Bounce Back Loan Scheme design left taxpayers exposed to significant fraud and error.

The Bounce Back Loan Scheme (BBLS) is the largest of the Covid-19 business support loan schemes, with 1.6 million loans approved, totalling £47.4 billion.19 BBLS gave the lender a full (100%) government-backed guarantee against the outstanding balance of the facility (both capital and interest).20 The British Business Bank, one of …

Government response. The government acknowledges the Department provided more than £38 billion for the Bounce Back Loans Scheme.
HM Treasury
13 Conclusion Forty-Fifth Report - Department for Bus… Acknowledged

Initial fraud response for Bounce Back Loan Scheme lacked appropriate in-house function.

The inadequacy of the Department’s initial fraud response on the Bounce Back Loan Scheme has been well documented, through our previous report28, and the most recent NAO report on this topic.29 This included the lack of initial liaison with the Cabinet Office, and the lack of an appropriate in-house counter …

Government response. The government agrees with the Committee's recommendation and highlights the development of a Bounce Back Loan Scheme (BBLS) Counter Fraud strategy, quarterly data publications on COVID-19 debt schemes, and a series of pilots to test the case for additional recovery …
HM Treasury
14 Conclusion Forty-Fifth Report - Department for Bus… Acknowledged

Department demonstrates progress in fraud response, updating risk assessment with lessons learned.

The Department has made progress in its fraud response. The Fraud Risk Assessment has been updated, although this identified additional fraud risks which were not considered at the point the scheme was launched.30 Notably, the Department told us about the improvements which have been made to the ongoing Recovery Loan …

Government response. The government agrees with the Committee's recommendation and highlights the development of a Bounce Back Loan Scheme (BBLS) Counter Fraud strategy, quarterly data publications on COVID-19 debt schemes, and a series of pilots to test the case for additional recovery …
HM Treasury
17 Conclusion Forty-Fifth Report - Department for Bus… Acknowledged

The Department is responsible for government’s business support grant schemes which have has provided local...

The Department is responsible for government’s business support grant schemes which have has provided local authorities with £25 billion of COVID-19 grant funding to allocate to eligible businesses since March 2020. Furthermore, the Department provided more than £38 billion for the Bounce Back Loans Scheme, operated by the British Business …

Government response. The government acknowledges the Department's responsibility for business support grant schemes and the Bounce Back Loans Scheme.
HM Treasury

Correspondence

3 letters
DateDirectionTitle
23 Jan 2023 — Correspondence from Sarah Munby, Permanent Under-Secretary of State, re update …
22 Nov 2022 — Correspondence from Sarah Munby, Permanent Under-Secretary of State, Department…
22 Nov 2022 — Correspondence from Sarah Munby, Permanent Under-Secretary of State, Department…