"Perhaps I should start by thanking my noble friend Lord Agnew for allowing me the opportunity to stand here today—..." Viscount Younger of Leckie - View Speech
"I promise that I shall stay the course. Throughout this dreadful crisis that we have had to endure over the past two years, the Government’s number one priority has been to protect jobs and livelihoods while also supporting businesses and public services across the UK. We had to work particularly …..." Viscount Younger of Leckie - View Speech
"It is a slightly complicated picture, but the Government continue to work actively with the British Business Bank, lenders and fraud authorities to identify and address fraud risks and recover loans obtained fraudulently. On the noble Baroness’s question, the £4.3 billion figure is not recognised by HMRC; it is an …..." Viscount Younger of Leckie - View Speech
"Again, we should remember that, in lockdown 1—roughly from March to April 2020—there was a clear need for urgent action to encourage a greater take-up of different support measures. That is why we intervened to change the design of the bounce-back scheme to make it 100% backed, which led to …..." Viscount Younger of Leckie - View Speech
"The noble Lord’s question is focused on HMRC, but I can say that the expected losses to error and fraud in 2021 were £5.8 billion, and expected losses for 2021-22 will be published in due course. But a lot of work is going on in terms of recovery, and the …..." Viscount Younger of Leckie - View Speech
"I think the answer has to be no. We had to move particularly quickly in very difficult circumstances. Of course, there is always a risk of fraud—all fraud is unacceptable, but there was a risk because we had to move quickly. As I say, there is a lot of work …..." Viscount Younger of Leckie - View Speech
"I do not have an answer to that; I will have to get an answer to the noble Lord. I say again that the schemes brought forward during those very difficult times were designed in response to a pronounced market failure, particularly with the UK’s smallest businesses struggling to access …..." Viscount Younger of Leckie - View Speech
"My noble friend makes a very good point. As I alluded to earlier, HMRC and BEIS are working very hard in conjunction with the lenders to recover as much as we possibly can. I reiterate that the figures, as noble Lords will tell me, are big. We have paid out …..." Viscount Younger of Leckie - View Speech
"I do not accept the premise that lenders are failing on fraud, and, of course, the noble Lord, Lord Patel, will know that I am not in a position to name individual lenders. However, lenders continue to work closely with the Government on counterfraud, including recovering £1.2 million on facilities …..." Viscount Younger of Leckie - View Speech
"That is a very fair question and of course the sort of detailed question that I cannot answer. In terms of the fraud that we are looking to identify as part of the loan book, as of 17 December 2021 some £67 million worth of claims had been settled for …..." Viscount Younger of Leckie - View Speech