Source · Select Committees · Public Accounts Committee
Recommendation 8
8
Notwithstanding the lack of preparedness, it is clear that staff at HM Treasury, the Department,...
Conclusion
Notwithstanding the lack of preparedness, it is clear that staff at HM Treasury, the Department, and the Bank pulled out all the stops to get the Scheme up and running as quickly as possible; we should not underestimate the level of commitment they have shown in the response to the pandemic. The Scheme launched within two weeks of HM Treasury proposing it to the Department and the Bank. Once the Scheme was launched, lenders approved 268,000 loans to businesses totalling £8.4 billion in the first week of operations.20