Britain’s emergency loans resembled global support measures for businesses during extended Covid lockdowns.
Dozens of lenders took part in the government-backed schemes, including Britain’s “Big Four” banks: Barclays , NatWest, Lloyds and HSBC. Barclays and HSBC declined to comment, while the other two were not immediately available. Bank lobby group UK Finance said lenders were in regular discussions with the BBB, with some removing loans from the guarantee at their own discretion.
The guarantees have been removed for a variety of reasons, the BBB said, including due to data corrections, application errors resulting in “duplicate” funds being sent to companies, as well as infringements of scheme rules. The lending schemes have been mired in controversy, as evidence mounts of widespread fraud. A junior government minister, Theodore Agnew, resigned last year in protest, saying efforts to stop fraudulent abuse were “woeful.”
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