"Covid Inquiry to Reveal Truth on Furlough and Business Loan Success"

Covid Inquiry to Scrutinize Effectiveness of Furlough and Business Loan Schemes The UK Covid Inquiry is set to begin its third stage on Monday, focusing on the government's measures to support workers' incomes and businesses during the pandemic. The inquiry will scrutinize the effectiveness of furlough schemes and business loans, with a particular emphasis on the £140 billion spent on support for businesses. According to the Treasury, this sum includes the £70 billion Coronavirus Job Retention Scheme, which supported 11.7 million jobs between 2020 and 2021. The inquiry will examine the design of these schemes, how well they were implemented, and what was done to minimize fraud and waste. The Treasury's spending on support for businesses was a significant portion of the overall £140 billion, with much of it going towards paying people's wages when they were forced to stay at home. The inquiry aims to provide lessons for managing future pandemics and assess the effectiveness of the UK's economic intervention during the crisis. The third stage of the inquiry is a continuation of the previous phases, which have already shed light on the government's decision-making process during the pandemic. Last week, the report on the second phase found that the government had done "too little, too late" in responding to the crisis. The new phase is expected to delve deeper into the economic consequences of the pandemic and the government's response. According to experts, the inquiry's findings will be crucial in shaping future economic policies. "The Covid Inquiry has the opportunity to provide a thorough examination of the government's response to the pandemic and its economic consequences," said a spokesperson for the Institute for Fiscal Studies. "This will be essential in informing future economic policies and ensuring that the UK is better prepared for future crises." The inquiry will hear evidence from various stakeholders, including government officials, business leaders, and experts in the field. The findings of the inquiry are expected to be published in the coming months, providing a comprehensive assessment of the government's response to the pandemic. The Covid Inquiry is a long-term investigation into the UK's response to the pandemic, with the aim of learning lessons and improving future preparedness. The third stage of the inquiry is a critical component of this process, and its findings will be closely watched by policymakers, business leaders, and the public alike.