Early warning signs of fraud, like more than 120,000 new companies being registered as the country went in to lockdown, were missed by the government, which still does not know the true extent of losses from the schemes.
Fraud and errors related to loans from the government’s COVID-19 business support schemes will cost taxpayers at least £4.9bn, a parliamentary budget oversight group has said.
The"eye-watering" true amount lost over those two years could end up being even higher,"as assessments catch up with payments made", the Public Accounts Committee warned.
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