AccountingWeb – Government writes off £4.3bn in stolen Covid payments
The Treasury expects to recover just a quarter of the £5.8bn lost to fraud and error across multiple Covid support schemes.
It has revised down the amount it hopes to claw back by 2023, predicting only £1 of every £4 in support payments claimed by those who were not entitled will return to the public purse.
However, industry experts told AccountingWEB their warnings ahead of time fell on deaf ears as the government pressed ahead with inferior technology and outdated processes that played straight into the hands of fraudsters.
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