Source · Select Committees · Public Accounts Committee
Recommendation 24
24
We highlighted previously that government needed to use the lessons learned from this Scheme to...
Conclusion
We highlighted previously that government needed to use the lessons learned from this Scheme to inform future schemes.62 We therefore asked the Department about examples of where it had identified and responded to lessons from the Scheme. The Department said that it had implemented learnings in the new Recovery Loan Scheme where it has applied different data requirements on lenders. In addition, the Department explained that it had made “big progress” on its capability on data and data-sharing. It asserted that such data capability would put it in a “stronger position” if it were to do something similar again; for example in adapting ongoing support in local authority grant schemes.63 Alongside having data capability from the start, the Department highlighted that it will retain its “stronger fraud capability” from its initial counter-fraud team of two full-time equivalent staff.64
Government Response
Not Addressed
HM Government
Not Addressed
7: PAC conclusion: The Department has not yet identified how it will share the lessons from the Scheme. 7a: PAC recommendation: The Department and The Bank should establish a strategy on how it intends to share lessons from the scheme within a month of the publication of their first evaluation report. 7.1 The government agrees with the Committee’s recommendation. Target implementation date: Summer 2022 7.2 In its Treasury Minute response to the Committee's Twenty-Sixth Report of the Session 2021-22, the department agreed to work in conjunction with HM Treasury and the Bank to produce a report covering lessons learned across the COVID-19 loan guarantee schemes, which it intends to do by Summer 2022.