IFAC accelerates engagement on anti-corruption and anti-money...
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READ MOREFurlough fraud
The Coronavirus Jobs Retention Scheme (CJRS), introduced in March 2020 in the midst of the Covid-19 pandemic, supported 11.6 million jobs. The scheme involved the government paying up to 80% of the wages of people who could not work, or whose employers could no longer afford to pay them, up to a monthly limit of £2,500. Key to the scheme was that people must not work for their company while furloughed.
HMRC released new figures estimating that "error and fraud" made up 8.7% of the total amount it paid out through the scheme, equating to approximately £6bn. Secret recordings obtained by File on 4 and The Times newspaper included in this BBC podcast appear to show that staff were encouraged to work as normal while the business claimed under the CJRS. Other areas discussed in the podcast include the Bounce Back Loan Scheme which made loans of up to £50,000 for small and medium businesses, underwritten by the government. It is estimated that the BBL scheme has been defrauded by around £27bn.
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