Since the scheme was launched in 2020, over £46bn has been lent to businesses as part of the covid loan scheme.

The latest figures show that Starling Bank had the highest percentage in fraudulent claims with suspected fraud valued at £92m, with £1.6bn lent to businesses.

Lloyds Bank had the highest monetary value in fraudulent claims with suspected fraud valued at £304m, Barclays Bank followed with £259m and NatWest £151m.

Since 31 July 2022, businesses borrowed a total of £46.6bn though bounce back loans. The first evaluation, published in June, found that up to 500,000 businesses could have permanently ceased trading in 2020 without the scheme.

The Department for Business (BEIS) is working with the National Investigation Service (NATIS) and the Insolvency Service to investigate the levels of fraud. So far, 273 investigations have been opened into loan fraud, with a total value of £160m.