The Government has been criticised by a watchdog for wasting billions of pounds given out in fraudulent Covid loans.

The National Audit Office (NAO) says the Government failed to put adequate measures in place to prevent fraud with its Bounce Back Loan scheme.

It's estimated that £4.9 billion or 11% of the total number of loans were fraudulent.

The Bounce Bank Loan scheme was established in April 2020 to help businesses hit by the Covid crisis. A total of 1.5 million loans worth £47bn have been issued.

The watchdog said the government 'prioritised payment speed over almost all other aspects of value for money'.