24 Accepted

We highlighted previously that government needed to use the lessons learned from this Scheme to...

Recommendation
We highlighted previously that government needed to use the lessons learned from this Scheme to inform future schemes.62 We therefore asked the Department about examples of where it had identified and responded to lessons from the Scheme. The Department said that it had implemented learnings in the new Recovery Loan Scheme where it has applied different data requirements on lenders. In addition, the Department explained that it had made “big progress” on its capability on data and data-sharing. It asserted that such data capability would put it in a “stronger position” if it were to do something similar again; for example in adapting ongoing support in local authority grant schemes.63 Alongside having data capability from the start, the Department highlighted that it will retain its “stronger fraud capability” from its initial counter-fraud team of two full-time equivalent staff.64
Government Response Summary
The government agrees with the recommendation to establish a strategy on how it intends to share lessons from the scheme and aims to implement it by Summer 2022. The department agreed to work in conjunction with HM Treasury and the Bank to produce a report covering lessons learned across the COVID-19 loan guarantee schemes.
Government Response
Accepted
HM Government Accepted
7: PAC conclusion: The Department has not yet identified how it will share the lessons from the Scheme. 7a: PAC recommendation: The Department and The Bank should establish a strategy on how it intends to share lessons from the scheme within a month of the publication of their first evaluation report. 7.1 The government agrees with the Committee’s recommendation. Target implementation date: Summer 2022 7.2 In its Treasury Minute response to the Committee's Twenty-Sixth Report of the Session 2021-22, the department agreed to work in conjunction with HM Treasury and the Bank to produce a report covering lessons learned across the COVID-19 loan guarantee schemes, which it intends to do by Summer 2022.
Source
Committee Public Accounts Committee
Inquiry Bounce Back Loans Scheme: Follow-up
Report Fiftieth Report - Bounce Back Loans Scheme: Follow-up 27 Apr 2022 HC 951
View on Parliament website
Addressee Bodies
HM Treasury
Timeline
Recommendation age 4.1 yrs
Report published 27 Apr 2022