Source · Select Committees · Public Accounts Committee
Forty-Fifth Report - Department for Business, Energy & Industrial Strategy Annual Report and Accounts 2021–22
Public Accounts Committee
HC 1254
Published 26 April 2023
Conclusions (4)
10
Conclusion
Acknowledged
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 Summary
The government acknowledges the Department provided more than £38 billion for the Bounce Back Loans Scheme.
13
Conclusion
Acknowledged
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 Summary
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 activities.
14
Conclusion
Acknowledged
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 Summary
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 activities.
17
Conclusion
Acknowledged
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 Summary
The government acknowledges the Department's responsibility for business support grant schemes and the Bounce Back Loans Scheme.