The public must be able to see if Britain's state loans went to politically connected insiders or tax havens
A pedestrian and traffic cross Tower Bridge in London, the UK, in April 2020. Picture: BLOOMBERG/SIMON DAWSON
The UK public have a right to know who the recipients of £50bn of government-backed coronavirus loans are. By notof the 1.2-million businesses that accessed cheap, guaranteed state funding, ministers are leaving the government open to accusations that it has something to hide. This charge is easier to make because the default setting of Boris Johnson’s government has been secrecy. Only when ministers have been taken to court have they been forced to reveal details of public contracts awarded under emergency rules. The three contracts so far made public represent a sliver of the hundreds signed to procure £15bn of personal protective equipment to protect frontline staff.
It is understandable that the government wished to support businesses during the lockdown, so that they could weather the storm of the pandemic. But 1.17-million loans worth £35.5bn have been approved under thebounce-back” scheme, which is aimed at small and medium-sized enterprises and comes with a 100% state guarantee. There are only about 1.4-millionwith employees.
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