HM Treasury told us that one element of the cost tracker it would definitely continue to monitor and report on was the cost of the various loan and grant schemes where the true cost will only be known over time.18 Government has guaranteed or issued loans worth a total of £129 billion during the pandemic. This comprises of loans issued through business support schemes such as the Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme, the Bounce Back Loan Scheme, the Future Fund and the Covid Corporate Financing Facility.19 The September 2021 cost tracker reported that the government expected to lose £21 billion as a result of some loans issued or guaranteed by government not being repaid (write-offs).20 The Office for Budget Responsibility (OBR) produces estimates of write-offs that the government will be required to fund if loans it issued or guaranteed are not repaid. In October 2021, the OBR revised its estimate of the cost of write-offs for the 2020–21 financial year down to £21 billion from £26 billion in March 2021. This is partly because the economy is recovering better than expected but also due to some early repayment data.21 Estimated total Volume of Expected volume of loans loans reported cost of write- Scheme expected to guaranteed offs be guaranteed or issued by (£ millions) or issued by government (£ government (£ million) millions) Bounce Back Loan Scheme 47,360 47,360 18,373 Coronavirus Business 26,390 26,390 2,198 Interruption Loan Scheme Coronavirus Large Business 5,560 5,560 357 Interruption Loan Scheme Future Fund 1,137 1,137 75 Recovery Loan Scheme 1,600 428 164 Total 82,047 80,875 21,167