Ten Things You Need to Know Today: 27 April 2022

The Week’s daily digest of the news agenda, published at 8am

1. Covid loan cash seized at border

Suitcases stuffed with cash from taxpayer-backed Covid loans were seized at the border as people tried to smuggle them out of the country, reported The Times. The paper’s investigation found that other recipients of financial support during the pandemic used the money to fund gambling sprees, home improvements, cars and watches. As much as £17bn of the £47bn the government spent on bounce-back loans for businesses will never be paid back and about £4.9bn of it is suspected to have been lost to fraud.

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