DEVELOPING: £10.9bn Covid Scheme Fraud "Beyond Recovery", Report Warns

Breaking News: £10.9bn Covid Scheme Fraud "Beyond Recovery", Report Warns A devastating report has revealed that £10.9 billion in taxpayer money lost to fraud and error in Covid support schemes is now "beyond recovery". The Covid Counter Fraud Commissioner, Tom Hayhoe, has stated that the enormous outlays of public money during the pandemic exposed it to the risk of fraud and error, with many organisations unprepared. The report found that employment support schemes, including furlough and help for the self-employed, suffered £5 billion in fraud. These schemes were credited with propping up the economy throughout the Covid lockdowns. However, the "outrage" at fraud, abuse and error remains "undiminished". The investigation, led by Commissioner Hayhoe, highlighted weak accountability, bad quality data, and poor contracting as reasons for the losses. Most public bodies were unprepared for the crisis, which required significant spending. The report's findings are a major blow to the government, which had implemented these schemes to support businesses and individuals during the pandemic. The current status of the investigation and any potential next steps are unclear. This is a developing story, and we will provide updates as more information becomes available.