Jonathan Fisher QC was interviewed by BBC News to discuss the £4.9 billion Bounce Back Loan Fraud.
He responded to the National Audit’s Office report which was published today (The Bounce Back Loan Scheme: an update) that revealed up to £4.9 billion has been lost to bounce back fraud.
The Chancellor of the Exchequer announced the Bounce Back Loan Scheme on 27 April 2020. The Scheme was the largest of three COVID-19 related business support loan schemes and sought to provide to the smaller end of small and medium-sized enterprises (SMEs) a “simple, quick, easy solution for those in need in of smaller loans”. The Department for Business, Energy & Industrial Strategy (the Department) launched the Scheme on 4 May 2020, offering loans of up to £50,000, or a maximum of 25% of annual turnover, to support businesses during the pandemic
Jonathan discussed the reasons behind how fraud of this scale took place, the challenges the government face, whether criminal enforcement and prosecutions are likely and what timeframe these could take.
Watch Jonathan Fisher QC on BBC News interview here: Scroll to 11:40: [BBC iPlayer]