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Kpmg Says Public Purse The Main Victim As Fraud Cases Soar

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8249147/KPMG-says-public-purse-the-main-victim-as-fraud-cases-soar.html

Fraud committed by company managers was the fastest growing area, up 30pc in value to £441m against the previous year. Tax fraud, money laundering and complex cases involving new technology all increased in the year. According to KPMG many of the cases were directly linked to the tight economic conditions.

Hitesh Patel, KPMG forensic partner, said: "Government agencies, like commercial businesses, have been increasingly vulnerable to the threat of fraud. In a year of austerity measures implemented by Government, tax increases, rising unemployment, and significant structural change it is hardly surprising that the long fingers of the fraudster have reached into the public purse."

The total number of fraud cases reported in the UK last year rose 16pc to 315, worth just under £1.4bn, according to the KPMG fraud barometer, which only records cases worth in excess of £100,000 that have been heard or are due to be heard in the High Courts. The real level of fraud, undetected and unprosecuted, is almost certainly a significant multiple of this figure.

The public purse bore the brunt of the cases in 2010, overtaking financial services as the main victim of fraud. Just over 42pc of all cases targeted the Government, in total worth £593m. The number of such cases increased from 59 to 70 in 2010.

They seem to have missed off the bailout to the banks in these figures.

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if that is the limit of the amount of potential fraud going on, it is absolute peanuts.

How about putting a bit more effort into reducing the annual defecit of £200,000 million?

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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