Business department says about 8% of borrowers – 130,000 firms – have so far failed to repay government-backed emergency loans
Taxpayers have been left to foot a £421m bill to cover soured Covid debts, after one in 12 businesses defaulted on state-backed emergency loans distributed at the height of the pandemic, official figures reveal.
In the first set of figures detailing the performance of government-backed loans offered to struggling firms during the outbreak, the Department for Business, Energy and Industrial Strategy said about 8% of 1.6 million borrowers – roughly 130,000 – failed to repay their debts as of March this year.
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