BEIS Annual Report & Accounts 2021-22

Public Accounts Committee Closed Inquiry
Opened: 8 Nov 2022 Closed: 27 Jun 2023 Parliament page
The Committee will take evidence from banks which have lent money as part of the Bounce Back Loan Scheme, and afterwards question senior officials at the Department for Business, Energy and Industrial Strategy on their annual report and accounts for 2021-22 , including the performance of COVID support schemes such … Read more
6 Recommendations
18 Conclusions
1 Report
3 Letters
Activity timeline 5 events
27 Jun
2023
Report published
26 Apr
2023
Report published
23 Jan
2023
Correspondence
22 Nov
2022
Correspondence
22 Nov
2022
Correspondence
Title HC No. Published Items Response
Forty-Fifth Report - Department for Business, Energy & Industria… HC 1254 26 Apr 2023 24 Responded
Recommendations & Conclusions
4 results
Clear
10 Conclusion Acknowledged
Forty-Fifth Report - Department fo…
Bounce Back Loan Scheme design left taxpayers exposed to significant fraud and error.
The Bounce Back Loan Scheme (BBLS) is the largest of the Covid-19 business support loan schemes, with 1.6 million loans approved, totalling £47.4 billion.19 BBLS gave the lender a full (100%) government-backed guarantee against the outstanding balance of the facility … Read more
Government Response
The government acknowledges the Department provided more than £38 billion for the Bounce Back Loans Scheme.
HM Treasury
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13 Conclusion Acknowledged
Forty-Fifth Report - Department fo…
Initial fraud response for Bounce Back Loan Scheme lacked appropriate in-house function.
The inadequacy of the Department’s initial fraud response on the Bounce Back Loan Scheme has been well documented, through our previous report28, and the most recent NAO report on this topic.29 This included the lack of initial liaison with the … Read more
Government Response
The government agrees with the Committee's recommendation and highlights the development of a Bounce Back Loan Scheme (BBLS) Counter Fraud strategy, quarterly data publications on COVID-19 debt schemes, and a series of pilots to test the case for additional recovery activities.
HM Treasury
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14 Conclusion Acknowledged
Forty-Fifth Report - Department fo…
Department demonstrates progress in fraud response, updating risk assessment with lessons learned.
The Department has made progress in its fraud response. The Fraud Risk Assessment has been updated, although this identified additional fraud risks which were not considered at the point the scheme was launched.30 Notably, the Department told us about the … Read more
Government Response
The government agrees with the Committee's recommendation and highlights the development of a Bounce Back Loan Scheme (BBLS) Counter Fraud strategy, quarterly data publications on COVID-19 debt schemes, and a series of pilots to test the case for additional recovery activities.
HM Treasury
View details
17 Conclusion Acknowledged
Forty-Fifth Report - Department fo…
The Department is responsible for government’s business support grant schemes which have has provided local...
The Department is responsible for government’s business support grant schemes which have has provided local authorities with £25 billion of COVID-19 grant funding to allocate to eligible businesses since March 2020. Furthermore, the Department provided more than £38 billion for … Read more
Government Response
The government acknowledges the Department's responsibility for business support grant schemes and the Bounce Back Loans Scheme.
HM Treasury
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Government Response AI assessment · 24 of 6 classified
Accepted 14
Accepted in Part 1
Acknowledged 4
Deferred 2
Not Addressed 1
Rejected 2
Total 6 recs + 18 conclusions
Correspondence 3 letters
23 Jan 2023 Correspondence from Sarah Munby, Permanent Under-Secretary of State, re update Annual Reposts and Accounts, dated 21 December 2022
Parliament page
22 Nov 2022 Correspondence from Sarah Munby, Permanent Under-Secretary of State, Department for Business, Energy & Industrial Strategy (BEIS), re follow up to the first report – BEIS Annual Reports and Accounts 2020-2021 - the First Report of Session 2022–23”, published on 18 May 2022, date 16 November 2022
Parliament page
22 Nov 2022 Correspondence from Sarah Munby, Permanent Under-Secretary of State, Department for Business, Energy & Industrial Strategy (BEIS), re follow up to the first report – BEIS Annual Reports and Accounts 2020-2021, date 16 November 2022
Parliament page