How did bounce-back loans end up in the hands of fraudsters? And can the government ever recover the lost funds?
When the Covid bounce-back loan scheme was launched in May 2020, it was intended as an emergency lifeline for small and medium-sized British businesses. Issuing 1.2 million loans totalling £47 billion, it was the largest of the Covid-related business loan initiatives.
While it was rolled out rapidly, it is now embroiled in scandal. The countless cases of fraudulent activity cost billions of taxpayers’ money.
In this episode of The Business, James Hurley, The Times assistant business editor, and George Greenwood, The Times investigative reporter, join Hannah Prevett to lift the lid on the bounce-back loans scandal.
George and James first broke the bounce-back loans story in 2021, and continue to track the ongoing fallout: from disqualified company directors to criminal convictions.
Could these pricey mistakes have been avoided? And what lessons could be learnt?
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Guests:
Presenter:
Producer: Hope Federico
Executive Producers: Miriam Hall and Emily Leahy
Video Producer: Superllama
Image: Getty
Get in touch: thebusiness@thetimes.com
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