Sunak rejects claims Covid loan scheme open to excessive fraud

The former chancellor Rishi Sunak has defended his pandemic-era Bounce Back Loan scheme against accusations that it was subject to excessive levels of fraud.He said he was aware of the risks, but given the need for speed, he would do the same again.Bounce back loans (BBLs) offered small businesses up to £50,000 with a 100% government guarantee, meaning taxpayers cash was used to pay back banks if the companies…