Greensill given access to Covid loans without detailed checks, watchdog reveals

Taxpayer facing potential £335m loss after audit office says government bank carried out limited due diligence on business support loans

The collapsed finance firm Greensill Capital was given access to a government-backed loan scheme without being subjected to detailed checks, leaving UK taxpayers facing a £335m loss, Whitehall’s spending watchdog has found.

The National Audit Office said the government-owned British Business Bank [BBB] carried out limited due diligence on the firm’s application before giving permission to access the Coronavirus Large Business Interruption Loans Scheme (CLBILS).

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