To ask Her Majesty's Government what advice they received, if any, from officials on (1) the percentage by number, and (2) the value, of loans received under the Bounce Back Loan Scheme estimated to be fraudulent.
As part of the Bounce Back Loan Scheme application process lenders undertake fraud checks, including Know Your Customer and Anti Money-Laundering checks as required. In addition, the application form is clear – any individual who knowingly provides false information is at risk of criminal prosecution. We are working across Departments, and with lenders and law enforcement agencies, to tackle fraudulent abuse of the scheme.
Details of how we expect BBLS to perform are set out in our accounts for 2019-20, a copy of which has been placed in the Libraries of the House. At this early stage, such estimates are naturally highly uncertain as reflected in the explanatory notes of the Accounts.