Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government what estimates they have made of the (1) number, and (2) value, of loans under the various coronavirus schemes which are deemed irrecoverable; and what are the reasons for them being irrecoverable.
Estimates can be found in the Department’s latest Annual Report and Accounts (copy attached). The Department has set out its estimates of losses expected through the three COVID-19 loan schemes and associated guarantees in note 19 to the accounts. While it is too early to give a definitive view of what the final level of irrecoverable debt will be, early repayment data is encouraging compared against the worst-case scenarios described in some published estimates.