The UK Economy Ministry estimates the total amount of state-guaranteed loan fraud during the pandemic at £4.9 billion, or about €5.8 billion.
Recently, business has multiplied across the channel: between business leaders who used this money to pay their salaries, those who took advantage of it to renovate their homes or even others who decided to gamble, money reverberation.
“Full assessment of fraud will take some time”
So far, 159 businessmen have been banned from practicing the profession due to fraud. However, the Parliament’s Public Accounts Committee indicated in a report published in mid-May that the scale of the phenomenon could be much greater.
“A full assessment of the fraud will take time, as estimates change based on which payments have been made,” the commission said.
47 billion pounds between April 2020 and March 2021
The ease with which these state-guaranteed loans are granted would largely explain the extent of the fraud. In fact, the companies certified the information on their file themselves before granting assistance within 48 hours.
This device will eventually cost 47 billion pounds, compared to the 26 billion initially planned by the government, over the period from April 2020 to March 2021.
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