Money Lost to COVID Fraud and Error is More Than the 10 Biggest Heists in History Put Together

The money lost to Covid fraudsters and civil service blunders is more than 10 times all the biggest heists in history combined, Labour analysis has shown.

The Treasury has had to write off £11.8bn in public funds which were wrongly claimed by fraudsters under the various Covid support schemes, or lost by mistake.

By contrast, the top 10 heists in British history amount to only £1.1bn in today’s terms when adjusted for inflation. Labour accused Rishi Sunak of a “great Covid robbery”.

The Great Train Robbery of 1963 led to the loss of £2.6m, while the most lucrative heist of all was the 1990 City bonds robbery whch saw £292m – the equivalent of around £700m today – plundered by a sophisticated gang.

Other crimes included in the calculations are the Tamara Ecclestone jewellery theft and the Brink’s Mat robbery, as well as the theft of £53m in cash from a Securitas depot in Kent in 2006.

Shadow Chancellor Rachel Reeves said: “The Chancellor hasn’t just been allowing criminals to get away with daylight robbery – he’s been leaving the vault wide open.

“This isn’t just a criminal waste of tax payer money – but comes as families across the country are emptying their pockets for Tory taxes in the midst of a cost of living crisis. It should be a source of enduring shame to the Chancellor that he has so casually written off ten times as much as was lost in the biggest criminal heists in our history.”

A Government spokesperson responded: “Our £400bn Covid support schemes were implemented at unprecedented speed and protected millions of jobs and businesses at the height of the pandemic.

“We’re cracking down on anyone who sought to defraud our schemes and bringing them to justice. Last year we stopped nearly £3bn in potential fraud of covid schemes, and our new, 1,200 person-strong taxpayer protection taskforce is expected to recover a further £1.5bn by the end of next year.”

Article credit: https://inews.co.uk/news/politics/money-lost-to-covid-fraud-and-error-is-more-than-the-10-biggest-heists-in-history-put-together-1654032