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UK’s shadow economy is booming

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A study by a free-market thinktank, the Institute for Economic Affairs, estimates that paid work not declared to the taxman was worth 10% of national income in 2012, half the level in Italy, Greece and Spain.

The report published on Tuesday 4 June by economists Professor Colin Williams  (Sheffield University Management School) and Friedrich Schneider found that the UK’s shadow economy was smaller than the 13.4% average for the 34 developed nations in the Organisation for Economic Cooperation and Development.   The report has generated a great deal of media interest.  Find out more at:

http://www.iea.org.uk/publications/research/the-shadow-economy

http://www.cnbc.com/id/100787222
http://www.eurofound.europa.eu/press/releases/2013/130605.htm?utm_source=website_item1&utm_medium=website&utm_campaign=UDW20130605
Or listen to the BBC podcast at:
http://www.bbc.co.uk/news/business-22750942

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