Coronavirus Grants: Fraud

Lord Cormack Excerpts

Tuesday 25th January 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

I do not have an answer to that; I will have to get an answer to the noble Lord. I say again that the schemes brought forward during those very difficult times were designed in response to a pronounced market failure, particularly with the UK’s smallest businesses struggling to access the finance that they needed to survive at the start of the pandemic. Voices from across the spectrum, including from the party opposite, were shouting at us to be sure that we acted quickly. We were already doing so, but we continued to do so.

[Lord Cormack (Con)]

My Lords, I express sympathy for my noble friend: yesterday he took the letter and today he has drawn the short straw. Does he accept that this matter really is important now? This was an Answer to an Urgent Question in the other place, and it is important that we have a definitive Statement from the Government giving as many figures as possible. While I acknowledge that fraud is more difficult to detect than to denounce, we need to have these facts.

[Viscount Younger of Leckie (Con)]

My noble friend makes a very good point. As I alluded to earlier, HMRC and BEIS are working very hard in conjunction with the lenders to recover as much as we possibly can. I reiterate that the figures, as noble Lords will tell me, are big. We have paid out altogether more than £400 billion to support the economy. It is fair to say that to that extent it has been a great success, because the economy is in very good shape.