Source · Select Committees · Public Accounts Committee
Recommendation 26
26
Our work on the government’s response to the COVID-19 pandemic has demonstrated that there are...
Conclusion
Our work on the government’s response to the COVID-19 pandemic has demonstrated that there are important lessons to be learnt to improve government’s ability to respond to future emergencies and its business-as-usual service delivery. In 2021, as part of our Initial lessons from the government’s response to the COVID-19 pandemic inquiry, we highlighted the importance of being clear about risk appetite and risk tolerance, particularly as government was having to make decisions quickly at the start of the pandemic.77 Similarly, in our 2020 report COVID-19: Bounce Back Loan Scheme we found that the Treasury, the Bank and the Department prioritised delivery speed over all other aspects of value for money, exposing the taxpayer to potentially huge losses.78 The NAO report on the Bank’s accreditation of Greensill Capital found that in response to the policy need to deliver money to businesses at pace during the pandemic, the Bank streamlined its lender accreditation process. But it concluded that had the Bank applied a less streamlined accreditation process with more due diligence, it is possible that the situation could have been avoided.79
Government Response
Not Addressed
HM Government
Not Addressed
7.1 The government agrees with the Committee’s recommendation. Target implementation date: Summer 2022 7.2 The government is committed to building on the experience of the COVID-19 loan schemes, which were designed and delivered in the response to extraordinary economic circumstances brought about by the coronavirus pandemic. The government recognises the importance of learning lessons from these schemes to ensure it is as well-positioned as possible to deal with any future economic crisis that might require extraordinary state intervention. 7.3 This will be achieved principally through the full, multi-year evaluation of the schemes, which is being conducted by London Economics and Ipsos MORI. Reports will be published in due course, in line with usual government guidelines. The exact timings will depend on how the evaluation progresses operationally, but it is intended that results will be published no later than Quarter 1 of each year between 2022 and 2024. 7.4 In the meantime, the government will aim to produce a lessons-learned report by Summer 2022. This will draw on any early insights from the evaluation.