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Sunak Defends £46 Billion Loan Scheme Amid Fraud Concerns

12/17/2025

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Summary

Story summary

Former Prime Minister Rishi Sunak defended the Bounce Back Loan (BBL) scheme during the Covid-19 Inquiry, saying urgent business support outweighed fraud risks and that he would make the same decisions again.
He warned that without the scheme, the UK would have faced widespread business Armageddon, risking 3 million jobs and half a million businesses.
He acknowledged that about £1.9 billion was fraudulent out of £46 billion issued.

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Story summary

Former Prime Minister Rishi Sunak defended the Bounce Back Loan (BBL) scheme during the Covid-19 Inquiry, saying urgent business support outweighed fraud risks and that he would make the same decisions again.
He warned that without the scheme, the UK would have faced widespread business Armageddon, risking 3 million jobs and half a million businesses.
He acknowledged that about £1.9 billion was fraudulent out of £46 billion issued.