Is it even a guarantee if it can be revoked at any time? smh

This is the best summary I could come up with:

The UK government has reportedly removed state guarantees from almost £1bn in Covid-19 emergency loans, pushing potential losses on to banks if borrowers fail to repay them.

The guarantees were removed for a variety of reasons, the BBB said, including because of data corrections, application errors resulting in “duplicate” funds being sent to companies, as well as infringements of scheme rules.

Rishi Sunak announced a series of loan schemes at the start of the coronavirus pandemic, when he was chancellor, to try to support the economy as the government imposed strict lockdowns.

Theodore Agnew resigned in the House of Lords as a junior minister over what he called the “arrogance, indolence and ignorance” of government in its attitude to pursuing loan fraud.

UK Finance, the banks’ lobby group, said: “Lenders acted swiftly to deliver the government’s Covid-19 loan guarantee schemes, which supported millions of businesses at the height of the pandemic.

A BBB spokesperson said: “The British Business Bank has a good relationship with scheme lenders and works with them, including through its audit process, to make certain they undertake their obligations under the guarantee agreement.

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