Wonder Factory

Top Menu

  • Privacy Policy
  • Terms and Conditions

Main Menu

  • Home
  • IT Service
  • IT Management
  • IT Community
  • IT World
  • Further Reading
    • IT Company
  • Privacy Policy
  • Terms and Conditions

logo

Wonder Factory

  • Home
  • IT Service
  • IT Management
  • IT Community
  • IT World
  • Further Reading
    • IT Company
IT Company
Home›IT Company›Rishi Sunak forced to deny writing off £4.3bn of Covid loans to fraudsters

Rishi Sunak forced to deny writing off £4.3bn of Covid loans to fraudsters

By James R. Bennett
January 26, 2022
0
0
Share:

RISHI Sunak has been forced to deny ‘writing off’ billions of pounds of taxpayers’ money lost to fraudsters under Covid-19 support schemes.

The Chancellor acknowledged that “criminals have sought to exploit our support programs”, but added: “We will do everything we can to recover this money and prosecute those who have profited from the pandemic”.

Treasury Minister Lord Agnew of Oulton left the government at the shipping box for the ‘schoolboy’ treatment of fraudulent Covid business loans.

Parliament has heard the Treasury plans to write off around £4.3billion of Covid loans, with the money going to ‘fraudsters’. The Treasury has since disputed that figure.

READ MORE: Lord Agnew of Oulton: Who is the minister who resigned live in the House of Lords?

Sunak, writing on Twitter, said: “Many people are concerned about fraud in our Covid support measures and they are absolutely right to be.
“No, I don’t ignore it, and I certainly don’t forget it.”

He described the investments to fix the problem before adding: “The vast majority of people have done the right thing, but we are still dealing with incorrect claims.

“Last year we stopped or recovered nearly £2.2bn of potential bounceback loan fraud and £743m of overclaimed furlough grants.”

Sunak then defended the need to urgently provide money to businesses during the pandemic.

At Prime Minister’s Questions, Boris Johnson had appeared to indicate he disagreed with the cancellation of £4.3billion of support scheme fraud.

Labour’s Kate Osamor asked: “Has the Prime Minister agreed to the Chancellor reversing £4.3billion worth of fraud? That’s £154 for every household in the country that went straight into the pockets of fraudsters .”

The Prime Minister replied: “No, of course not. We do not support fraudsters or those who steal public funds.

The Prime Minister’s official spokesman then insisted that Johnson was saying he did not condone fraud, rather than disagreeing with the Chancellor.

“I thought he was asked more if he was happy with the fraud, that’s what I took from it,” the spokesperson said.

A pressing question was then asked in the Commons over delays in legislation promised to tackle economic crime.

Former Tory minister John Penrose said: “Based on what Lord Agnew has said, if this were to be true, may I please urge (the minister) to consider that it will be about as popular than a cup of cold with anyone out there who cares about fighting corruption, or fighting for transparency.

“The well of excuses after three or four years of promising this bill, or its related elements, has now dried up, and is absolutely essential to the credibility of this country and this government, especially at a time where we have a crisis in Ukraine and all sorts of Russian oligarchs waiting to transfer money to that country if they can, and there are questions … about fundamental integrity issues about Westminster here today today.

Business Secretary Paul Scully said the government remained ‘intact in our approach to tackling economic crime’ as well as ‘business chamber reform’ as he answered an urgent question from the Tory Kevin Hollinrake.

However, he did not confirm whether the government would drop plans for a new law to tackle economic crime.

Scully said: “I’m sure he understands that I’m not going to speculate on the content of a future Queen’s Speech. This is where the Government will set its legislative agenda for the next session of Parliament.

“However, I can confirm that the government is committed to tackling economic crime.”

Related posts:

  1. Businesses and families are going into debt. It could be a dangerous trend.
  2. Exxon suspended from climate group he helped form
  3. Samsung frontman Jay Y. Lee has been granted parole and will leave prison on Friday
  4. Loans for those who have bad credit: your alternatives
Previous Article

Where is Germany in the Ukrainian stalemate? ...

Next Article

Spotify Removes Neil Young Music After Joe ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • IT Company

    Reese Witherspoon’s Hello Sunshine Sold to New Blackstone Backed Media Company

    August 3, 2021
    By James R. Bennett
  • IT Company

    More loans, clearer divide with first team, constant recruitment: Leeds Under-23s to play again this summer

    April 23, 2022
    By James R. Bennett
  • IT Company

    Barberton woman recovers from vicious attack on her business

    July 1, 2021
    By James R. Bennett
  • IT Company

    Have PPP Loans Really Helped Businesses During COVID?

    March 10, 2022
    By James R. Bennett
  • IT Company

    Laffitte defends loans he made to Murdaugh as prosecutors grill him in bank fraud trial

    November 21, 2022
    By James R. Bennett
  • IT Company

    Digitizing mortgages for fast transactions

    January 21, 2022
    By James R. Bennett

  • IT Service

    IAF forms three-part investigative court to investigate helicopter crash in Coonoor, Tamil Nadu

  • IT Service

    “Pretend until you do”: 5G marketing goes beyond the reality of services

  • IT World

    FIBA Women’s Basketball World Cup 2022: Quarter-finals unfold as USA look unstoppable, Australia top ‘Group of Death’