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Barclays is joining forces with an insolvency specialist to try to recover millions of pounds of misappropriated loans advanced under the UK governments Covid-19 bounceback scheme.
The bank is among the lenders that provided loans of up to 50,000 to small companies at the height of the Covid-19 pandemic, which were guaranteed by the government.
About 46bn was given to companies with only minimal eligibility checks to encourage banks to lend quickly. The loan scheme has attracted controversy as official estimates suggest UK taxpayers now face losses of more than 1bn from fraudsters who exploited the programme…
Read the full article at: https://www.ft.com/content/dd3d9a40-96d1-4b34-a6c7-b5e76b843103