July 26, 2021
1 min read

‘UK to be exposed to risks from pandemic costs’

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.

https://www.youtube.com/watch?v=MgBqzznBEl0

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.

ALSO READ-UK Food Workers Freed From Covid Isolation

READ MORE-More testing sites for key workers in UK to avoid isolation

Previous Story

Emirates extends suspension of flights to UAE from India

Next Story

UK, India discuss implementation of ‘Roadmap 2030’

Latest from -Top News

India vigilant as Nepal faces political uncertainty

Indian agencies suspect that external elements are making attempts to create a political vacuum in the country. …reports Asian Lite News India is closely monitoring political developments in Nepal, emphasising that stability

India vows stronger maritime ties with ASEAN

Conveying Prime Minister Narendra Modi’s warm greetings on the 20th anniversary of the East Asia Summit (EAS), he said India deeply values the members’ contributions to regional peace, progress, and prosperity….reports Asian

Piyush Goyal in Brussels as India, EU push FTA talks

Goyal’s visit reflects India’s steadfast commitment to deepening engagement with the European Union…reports Asian Lite News Commerce and Industry Minister Piyush Goyal on Monday met EU Commissioner for Trade and Economic Security

Shutdown Turmoil Grounds Thousands of US Flights

On Sunday alone, over 8,700 flights were delayed, according to FlightAware, as staffing shortfalls continue to mount…reports Asian Lite News More than 4,000 flights across the US were delayed on Monday, with
Go toTop