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READ MORETreasury to shut down £100m Covid fraud recovery squad in March
The Treasury has decided to close down its unit charged with recovering money stolen through Covid fraud, after clawing back hundreds of millions less than expected.
The £100m Taxpayer Protection Taskforce was set up by former chancellor Rishi Sunak to recover some of the estimated £5.8bn lost to fraud through three Covid support schemes.
The Treasury aimed to recover between £800m and £1bn from fraudsters, however the Sunday Times today reported the government had revised this figure down to between £525m and £625m.
It is now set to close down the unit in March next year, which was the original timeline for it to be wound up.
The Treasury says the recovery figure has been revised downward, because it is now estimated that £4.5bn was lost to fraudsters and not £5.8bn.
Read more at City A.M.
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