Meanwhile, the PAC highlighted an estimated loss of 26 billion pounds through fraud and repayment default from loans handed to businesses to help cope with the pandemic as an example of the ongoing financial risk…reports Asian Lite News.
The UK government will be exposed to financial risks from its 372 billion pound Covid-19 spending for decades, according to lawmakers’ reports released on Sunday, media reported.
It also said more than 2 billion pounds had been spent on unusable protective equipment.
In two reports on the government’s response to the pandemic, parliament’s Public Accounts Committee (PAC) said lessons needed to be learned before a promised public inquiry due to be held in 2022.
Meg Hillier, the PAC chair said that, with eye-watering sums of money spent on COVID-19 measures so far the government needs to be clear, now, how this will be managed going forward, and over what period of time, media reported.
Meanwhile, the PAC highlighted an estimated loss of 26 billion pounds through fraud and repayment default from loans handed to businesses to help cope with the pandemic as an example of the ongoing financial risk.
In a second report, the committee said there had also been “unacceptably high” levels of wasteful spending, with 2.1 billion items of unsuitable personal protective equipment (PPE) purchased, equating to more than 2 billion pounds of public money, it was reported.
Following the release of the report, Labour has slammed the Boris Johnson’s government saying that the findings were further evidence of failings by the government.
It also called for an immediate start of inquiry into the pandemic, it was reported.