5.1 The government agrees with the Committee’s recommendation. Recommendation implemented 5.2 HM Treasury has provided the resources for the British Business Bank (BBB) to deliver the ongoing administration of the government loan schemes and manage the associated risks to the taxpayer. Spending Review 2021 provides funding for the operating expenditure of the COVID-19 schemes, such as the running costs of the operations centre, developing the BBB’s financial crime capability and delivering the COVID-19 schemes audit and assurance programme. It additionally provides funding for BBB’s programme to transform its Data, IT, Outsourcing and Risk functions, which are critical to mitigating the risks linked to the COVID-19 schemes. This is on top of the funding provided to the Department of Business, Energy and Industrial Strategy at Spring Budget 2021 and Spending Review 2021 to support counter fraud and strengthen enforcement for Bounce Back Loans. Further details on the loan schemes will be published in the Department of Business, Energy and Industrial Strategy’s annual report and accounts. 5.3 The government is also working closely with lenders to monitor and manage the government guaranteed loan scheme portfolios. Lenders are responsible for the recovery of these loans in line with the standards and legal obligations set out under the scheme. Lenders’ performance of their obligations is subject to a robust audit programme overseen by the British Business Bank. If lenders do not meet their obligations, the government has the right not pay out on any guarantee claims in scope. 6.1 The government agrees with the Committee’s recommendation. Recommendation implemented 6.2 The government set out its spending plans and choices up to 2024-25 in the Autumn Budget and Spending Review 2021 document. These plans prioritise building back better from the COVID-19 pandemic, including by investing in public services, levelling up, and leading the transition to net zero. 6.3 HM Treasury has not set a COVID-19 policy ringfence for funding provided at Spending Review 2021 because most of the ongoing COVID-19 costs now form part of departments’ ongoing activities or may be indirect impacts of COVID-19, making it difficult to distinguish them from departments’ core costs so it is optimal to manage these together.