World

UK gov't loses blns to fraud, corruption: report

Sep 09, 2023

London [UK], September 9: The United Kingdom (UK) government is estimated to have lost up to 44.9 billion British pounds (56 billion U.S. dollars) to fraud and corruption in 2022, a report published by lawmakers revealed on Friday.
"The Public Sector Fraud Authority (PSFA) does not have specific estimates for two-thirds of government expenditure, but estimates that fraud and error levels for that expenditure is somewhere between 0.5 percent and 5 percent," the Public Accounts Committee of the House of Commons said in its report.
"This implies that, in addition to the estimated 10 billion pounds of tax fraud and 6.4 billion pounds of benefit fraud lost in 2022-23, the government also lost somewhere between 2.5 billion pounds to 28.5 billion pounds to fraud and error -- without knowing exactly where or how," it said.
The report warned that, for the most part, the government's current system of fraud measurement does not know where the problems are, or which public bodies are most affected.
To address such levels of uncertainty, the committee has called for an annual strategic intelligence report on fraud and corruption levels across the government. (1 British pound = 1.25 U.S. dollars)
Source: Xinhua

More news

Karan Aujla Joins Sony India, Elevating the Ultimate Audio Experience

New Delhi [India], April 2: Sony India today announced renowned music sensation Karan Aujla as the new brand ambassador for its audio product category, reinforcing its commitment to delivering premium sound experiences that let consumers enjoy music in its purest form. The campaign featuring Karan Aujla goes live today, marking the beginning of a multi-faceted promotional campaign across various digital platforms, outdoor activation and retail presence.

Apr 02, 2025