Coronavirus Grants: Fraud

Baroness Altmann Excerpts

Tuesday 25th January 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

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 the loan scheme. Of those, £13 million for 337 facilities had been flagged by lenders as suspected fraud. That is the sort of detail that we want to get into.

[Baroness Altmann (Con)]

My Lords, I too have sympathy with my noble friend the Minister, but will he reassure the House that the Government are looking seriously at the remarks and observations made by our noble friend Lord Agnew yesterday, particularly at any recommendations that he has for improving the situation and lessons learned at both BEIS and the British Business Bank, as well as at HMRC?

[Viscount Younger of Leckie (Con)]

I am aware that my noble friend has much experience in this area, linked to her work on pensions and in respect of HMRC. She is absolutely right: preventing fraud is incredibly important. We designed the schemes to prevent as much fraud as possible before any payments were made, while still quickly supporting those who needed them in unprecedented circumstances. For example, the first furlough payments went out within six days of being announced. We had to move quickly but, clearly, as she said, lessons will be learned.