MPs told 37% of bounce back loans could be fraudulent

Over a third of bounce back loans (BBLs) issued during the pandemic are likely to have been made fraudulently due to the level of checks on applications, MPs are told

A Public Accounts Committee (PAC) meeting on Monday followed up on the Bounce Back Loans Scheme report which was published by the National Audit Office (NAO) at the beginning of December.

The oral evidence session, chaired by Dame Meg Hillier MP featured representatives from the Department for Business, Energy & Industrial Strategy (BEIS), the British Business Bank (BBB), the Financial Conduct Authority (FCA), and the Treasury.

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