Sunak defends Covid loan scheme over excessive fraud claims

Former Prime Minister Rishi Sunak defends Covid loan scheme amid excessive fraud claims. The Bounce Back Loan scheme, offering small businesses up to £50,000 with a 100% government guarantee, faced vulnerability to fraud. Sunak insists that quick implementation was necessary to support thousands of businesses despite associated risks. The scheme issued 1.5 million loans worth £46 billion, sparking concerns over fraud totaling up to £2.8 billion.