Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to recover money lost to fraud from the British Business Bank’s Bounce Back Loan Scheme.

The delegated nature of the schemes places primary responsibility on lenders to recover money lost to fraud. Government continues to work with lenders, law enforcement, and partners to recover fraudulently obtained loans.

As of October 2022, Insolvency Service action on Covid-19 support scheme fraud has resulted in 391 director disqualifications and 119 bankruptcy restrictions, the majority relating to BBLS fraud. They have also achieved 2 criminal prosecutions. The National Investigation Service (NATIS) have a total recoveries target of £6 million this financial year and have recovered £5.8 million to date.

At the Spring Statement 2022, my Rt. Hon. Friend Mr Chancellor of the Exchequer announced almost £50 million of additional funding for counter-fraud work, of which over half related to Bounce Back Loans.