Jim Armitage: To unscrupulous corporates who took taxpayer loans without needing them - give us our money back

In the fog of war, an unscrupulous few will always seek to make a fast buck.

So it was that, when the taxpayer-funded CCFF loan scheme for large companies struggling due to covid was launched at the height of the crisis, businesses flocked to it who didn’t really need the money.

It has emerged that those included foreign companies such as Bayer and BASF, who are having such a good year that they’re paying dividends to shareholders and bonuses to directors.

Using taxes paid by you and me.

They did so completely legally, because UK ministers hadn’t immediately spotted the risk of such bad behaviour. They only curbed divis and bonuses from applicants last month.

It’s provoked a fair amount of outrage and criticism in political circles today.

But while it’s aggravating for believers in capitalism to see, yet again, major companies acting with the ethical standards of the average alley cat, it's harsh to blame the Treasury for not spotting the loophole early enough.

Focus fire on the companies abusing the scheme, not the Treasury officials who devised it.

The CCFF scheme was launched incredibly rapidly, alongside the other emergency lending schemes plus the furlough programme.

None had ever been tried before, and all have been remarkably effective at saving thousands of businesses and millions of jobs.

And besides, these are loans, not grants. The foreign giants who’ve taken them may have abused our generosity, but at least we know they’re good for the money.

Some of those whose greed led them unnecessarily to take UK taxpayers’ money in our hour of need repaid their CCFF loans before the Bank of England named and shamed them this week.

The publicity around the others' dismal behaviour should shame them into repaying the debts early.

Give us our money back. Now.