Covid corruption: how much money has been wasted on the Bounce Back Loans?

Rishi Sunak’s ‘Bounce Back Loan’ scheme was designed to help businesses impacted by the pandemic to, well, bounce back. The National Audit Office has warned that up to £43bn was paid out in Bounce Back Loans, of which between half and 75% might not get repaid. It raises the question: has the Chancellor’s ambitious business-first support been structured wisely? And could the new “super deduction” be the next big risk waiting in the wings?