How the UK government lost £4.9bn to Covid loan fraud

34 comments
  1. Having seen the details of one £50k fraud, it seems like money was being given out without even the most basic checks.

  2. This was openly acknowledged as an issue by the treasury at the time as a cost of speed and ensuring all who needed it got the funding.

  3. Imagine there was a load of companies whose sole business it was to chase people who owe money.

    ​

    Mad eh?

  4. And imagine if there was an annually researched list of the very best commercial debt recovery solicitors all over the UK….

  5. And this is just the loans.
    There’s also the Business grants related to COVID. Test and trace isolation payments and universal credit where they removed fundamental checks because their systems couldn’t cope with demand.

    That’s right, their new WELFARE BENEFIT couldn’t cope with an economic crisis in which MOST PEOPLE KEPT THEIR JOBS. So they just stopped checking the applications.

    Because of this, now those on universal credit are being punished again.

  6. This story is the kind of issue that should be the real scandal, not the parties.

    The amount of attention benefit fraud gets is far too high for what it actually costs the taxpayer. It’s also a prime example of how useless and wasteful the Conservatives are with taxpayers’ money.

  7. Why chase money that you know went to your friends who then donated some of it back to the Tory party …. Tories will just blame the unemployed, immigration or single mothers, that their usual go to, about time we all blamed upwards instead of being conditioned to blame downwards, the corruption is so blatant, but as usual fuck all will be done about it.

  8. Almost every pub and restaurant and café in my town reopened after lockdown with a total refurbishment. Not bad considering they were all predicting bankruptcy.

  9. At the Law Firm I work at we have a department whose job has been for defending people being prosecuted for Covid loan fraud.. you’d genuinely be surprised how many people who took said loans viewed it as a handout rather than something that conceivably had to be paid back even if their business didn’t rebound. There’s also a lot of people who inflated the number of their employees, business costs and other such expenses to get larger loans than they were entitled to, thinking of a couple of examples in particular in which the business owners thought themselves justified in doing this as it was the only way they thought they could save their businesses. This whole scheme was a badly thought out shambles, and has also of course been massively exploited by gangs and criminals too.

  10. I thought that figure was for furlough fraud. In any case, numbers go up. Hopefully a future government will take this loss seriously one day and recoop it.

  11. “Sir” Phillip Green: “What £510 M? That I definitely didn’t steal from peoples pensions”

    Phillip also pays zero tax in the UK.

    Wankerspoon , Dyson, Branson, Mike Ashley etc… are all let off lightly or pay nothing at all due to loopholes , but if YOU are overpaid by a tenner, a massive task force is set up to investigate your “criminal empire”.

    -Why did you get this tenner? , what’s the story behind it? Is this tenner proceeds of crime? Specifically what kind of crime was it? How did you spend that criminal tenner? Drugs?Was it to fund terrorism? What terror group did you find with it? You should be ashamed of yourself, YOU should be more of an upstanding citizen like “Sir” Phillip Green.

  12. Is this the self employed load of 5k per time and they gave it out five times. My friends done it and I refused because I know the government want everyone in debt. Debt is a business . Fuck debt fuck the government the best thing Is spend a year getting into the green and fuck the government and never borrow again . It’s the only way unless you have no choice

  13. I’m just not able to fathom how more people aren’t furious about this. NI payments are about to hiked while the conservatives casually write off £5.3bn. And everyone’s distracted by Boris being ambushed with a cake.

  14. A more accurate headline would be How the UK government used Covid to transfer £4.9bn of taxpayers money to their friends.

  15. My friends friend, who I avoid, Works for a scrappies, He “hired” his mates claimed the money, they got a cut and they didn’t work a day, Probably were off selling drugs as usual.

    They won’t be caught either because even if they were ratted out you’d need evidence. The failure was at the start when the money was so easily handed out without even verfiying if they are actually working employees.

  16. Tbh yes the government FUCKED up big-time but the people who went around doing this have no morals in themselves if only everyone was honest around the world we’d never have issues like this occurring but unfortunately that’s not the case

  17. > two banks were responsible for 81% of cases where loans were granted to companies incorporated after the pandemic hit.

    What the absolute FUCK! Handing out 50k in a “bounce back” loan to a company that was only 2-3 months old? What the fuck? Did no government rep think that that might be a bad idea

  18. Yeah, but it’s Johnson’s mates, so we can just write it off and put everyone else’s taxes up to cover it

  19. Fixed it for you: ‘How the UK Government gave their mates £4.9bn through the guise of covid’

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