If you are new here, you are probably blissfully unaware that the British Business Bank, when asked to launch the Bounce Back Loan Scheme, were unhappy about its design.
The British Business Bank were so worried, that whilst they tirelessly worked behind the scenes in a very short space of time to put the scheme in place, just before its launch they told the Government that they were not happy with certain aspects of the scheme, and they were only going to launch it if ordered to do so by the Secretary of State, who for reference, at the time was Alok Sharma.
As such they issued a Reservation Notice expressing their concerns, and once the Government received it they replied with an order to make the scheme live, known as a “Ministerial Directive”.
Interesting bits in that letter and the reply are of course the section relating to vulnerable BBL borrowers, and the fact the Government wanted the letter to remain secret until the scheme was well established.
You can look at the Reservation Notice as an arse covering exercise by the British Business Bank, as rightly so, they did not want to be made scapegoats for the BBL Scheme if and when it went pear-shaped, which as I am sure you will agree, it soon did.
Reservation Notice:
Reply from Government:
