It appears that a second charge has been registered at Companes House by taxpayer backed Innovate UK for its £5 million loan to Versarien (VRS). This means that if Versarien defaults taxpayers may well not get all their cash back. That on its own seems a clear breach of Innovate UK rules and a reason why this loan should not be made. But there is worse. In its quite atrocious results today Versarien itself gives a reason why the loan application is illegal. Lucian Miers has written to Business Secretary Alok Sharma to flag this up.