Lord Agnew says the months during the pandemic were 'a happy time to be a crook'.
During the session, he was asked about the government's Bounce Back Loan scheme which gave out £47bn worth of loans to support small businesses during the pandemic.
Asked by Labour's Angela Eagle whether that meant it was "a bit of a joke", Lord Agnew replied, "yes, absolutely". He argued banks were more likely to simply claim the money back from the government rather than trying to recoup loans that had potentially been claimed fraudulently. "They lent indiscriminately... they wanted to build their balance sheet. There was no downside because they though they were going to get the 100% guarantee if any of them [the loans] went wrong," he said.at the start of the pandemic there had been fears of a "potentially catastrophic wave of millions of business failures and job losses".
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