Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government what estimate they have made of the rate of defaults on Bounce Back Loans.
As of 15 November 2020, £42.18 billion of loans have been provided under the Bounce Back Loan Scheme.
The BEIS Annual Report published on 30 September contained information on all debt loan schemes and potential loss estimates.
The initial indicative loss ranges are based on historic losses observed in prior programmes which most closely resemble the current Covid-19 interventions. However, no two programmes (or two economic downturns) are completely alike, and the estimate will be revised as more data becomes available.