‘Challenge’ for banks that used taxpayer cash to cover fraudulent Covid loan losses

British Business Bank to call out' lenders that failed to carry out due diligence when awarding pandemic support loans

The British Business Bank has pledged to call out" banks that took taxpayer cash to cover losses on fraudulent Covid loans, but failed to apply the minimal checks.

Patrick Magee, the state-owned business bank's chief commercial officer, told MPs on the Treasury Committee on Wednesday that nearly 63m had been paid out on potentially fraudulent coronavirus business loans to UK banks so far.