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?
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Banking Editor, Financial Times