Taxpayer could lose £26bn in Covid loans

Up to 60 per cent of businesses that have borrowed money on Rishi Sunak’s coronavirus rescue loan scheme may fail to pay back what they owe, leaving taxpayers with losses of up to £26 billion, the National Audit Office has warned. The Bounce Back loans programme has handed out £38 billion to 1.2 million small firms, much more than was originally anticipated. However, there are rising fears it is being targeted by criminals and unsustainable companies.

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