BlackRock Investment Management (UK) Ltd applied for and were subsequently awarded a contract to provide “specialist expertise to support the design of the Bounce Back Loan scheme”.
Whilst the Bounce Back Loan scheme has proven to be riddled with scandals, you could say the indemnity given to BlackRock to cover the risks of them being liable to third party claims made in context of their engagement is another of those scandals.
Much more so when you discover that indemnity is valued at an eye-watering £3m.
That figure came to light in the Central Government Supply Estimates 2022-23 Main Supply Estimates for the year ending 31 March 2023, which was presented to the House of Commons by Command of Her Majesty.
It was tucked away on page 385 of that document:
You can view it yourself on the PDF link below:
Here is the link to the Government Contract (PDF format):
Just putting this out there.