Another blow for Boris as Treasury minister dramatically QUITS in the House of Lords admitting government's anti-fraud measures on Covid loans were 'desperately inadequate' By James Tapsfield, Political Editor For Mailonline Published: 15:59 GMT, 24 January 2022 | Updated: 16:03 GMT, 24 January 2022 Viewcomments A Treasury minister dramatically quit today complaining that the government's anti-fraud measures on Covid loans were 'desperately inadequate'. Lord Agnew announced he was resigning at the despatch box in the Upper House - drawing gasps from peers as he took aim at 'schoolboy errors' in tackling abuse of support schemes. The bombshell came as he was updating peers about the £4.3billion of Covid loans written off by the Treasury – which Labour said has gone to 'fraudsters'. Telling the chamber he was unhappy with working between the Business Department and the Treasury, Lord Agnew told peers: 'Given that I am the minister for counter fraud, it would be somewhat dishonest to stay on in that role if I am incapable of doing it properly.' He added: 'It is for this reason that I have sadly decided to tender my resignation as a minister across the Treasury and Cabinet Office with immediate affect.' Lord Agnew announced he was resigning at the despatch box in the Upper House - drawing gasps from peers After finishing his speech, the Treasury minister walked out of the Lords chamber to applause from his fellow peers. He told peers: 'The oversight by both BEIS and the British Business Bank of the panel lenders of BBLs has been nothing less than woeful. 'They have been assisted by the Treasury, who appear to have no knowledge or little interest in the consequences of fraud to our economy or our society.' He told the Lords that BEIS had 'two counter-fraud staff' at the start of the pandemic who would not 'engage constructively' with his counter-fraud team in the Cabinet Office. He added: 'Schoolboy errors were made, for example allowing over a thousand companies to receive bounceback loans that were not even trading when Covid struck.' Responding, Labour leader in the Lords Baroness Smith of Basildon said: 'I think we have just witnessed one of the most dramatic moments we have ever seen in the House from a minister who felt his integrity could no longer ensure he remained a member of the Government.' Share or comment on this article: All rights reserved for this news site (dailymail) and under his responsibility