Thirty-third Report: Covid-19: Bounce Back Loan Scheme
Select Committee
Public Accounts Committee
HC 687
16 December 2020
Government response
Treasury minutes: Government response to the Committee of Public Accounts on the Thirty third report from Session 2019-21 · published 25 Mar 2021
Recommendations & Conclusions
3 results
7
Conclusion
Acknowledged
Both Germany and Switzerland delivered schemes to support small and medium- sized enterprises (SMEs) much...
Conclusion
Both Germany and Switzerland delivered schemes to support small and medium- sized enterprises (SMEs) much earlier than the UK.16 Their schemes offered 100% guarantees.17 CBILS, although in place at a similar time, offered an 80% guarantee attempting to remain line …
Read more
Government Response Summary
The government agrees with the committee's observations and states it is working with the British Business Bank to explore how to further strengthen responses to future economic downturns and ensure resilient support for SMEs of all sizes.
HM Treasury
View Details
8
Conclusion
Acknowledged
Notwithstanding the lack of preparedness, it is clear that staff at HM Treasury, the Department,...
Conclusion
Notwithstanding the lack of preparedness, it is clear that staff at HM Treasury, the Department, and the Bank pulled out all the stops to get the Scheme up and running as quickly as possible; we should not underestimate the level …
Read more
Government Response Summary
The government acknowledges the Bank's essential role in driving economic growth and affirms that ministers acted quickly to implement the scheme in response to the pandemic's economic consequences.
HM Treasury
View Details
9
Conclusion
Acknowledged
The Scheme is designed with the objective that borrowers receive the loans within 24–48 hours...
Conclusion
The Scheme is designed with the objective that borrowers receive the loans within 24–48 hours of a valid application. This target was based on independent research which suggested that one-third of businesses would probably not be able to access enough …
Read more
Government Response Summary
The government considers the existing application process for the Bounce Back Loan Scheme, including borrower self-certification, to remain appropriate given the ongoing need for quick access to finance, and will consider future approaches for any new schemes.
HM Treasury
View Details