Black Economy Boosts UK GDP

[cronus]

http://www.bbc.co.uk/news/business-29044202

UK recovery stronger than thought, official data shows

The Office for National Statistics has revised up its estimates for UK Gross Domestic Product during and after the recession.

The change comes after estimates of proceeds from charities, illegal drugs, and prostitution were included in the official figures for the first time.

Growth has been revised up by 0.1 percentage points per year between 1997 and 2012.

The ONS also suggested the recession ended in the third quarter of 2013.

Previously it had suggested the recession carried on until the second quarter of 2014.

The changes to the way the ONS calculates GDP show that the economy shrank by up to 6% in the recession, rather than the previous "peak-to-trough" estimate of 7.2%.

The revisions for 1997 to 2012 show that the size of the economy was on average 4% - or £50bn - larger than previously thought each year.

(continued)

[pErvinalia]

And GDP gets even more ridiculous.

[Clinton Huxley]

If you factor in ridiculousness, it goes up another billion. Flatulence adds two.

[cronus]

No good including whores without a service pricing structure that what reflects contemporary tastes. These economists are missing a trick here.

[laklak]

Are you selling Negroes again?

[cronus]

Are you selling Negroes again?

How many can you collect? Got some white trash too, going cheap.

[JimC]

If it's anything like Oz, the money involved in work being done for cash, with no need to trouble the tax inspectors, would dwarf the drugs and prostitution areas...

[Xamonas Chegwé]

If it's anything like Oz, the money involved in work being done for cash, with no need to trouble the tax inspectors, would dwarf the drugs and prostitution areas...

I was thinking that too - you can double the total spent at garages, as a minimum! The standard reply to a wary, "So, how much?" is, "Will you be paying cash?"

[JimC]

Exactly. Virtually every tradesman I've come across does just that, although they also do a certain number of jobs where they are paid by cheque or electronically, so they have some income to declare come tax time...

Certainly, whenever I do some maths tutoring, for example, it's cash in hand...

[Xamonas Chegwé]

Exactly. Virtually every tradesman I've come across does just that, although they also do a certain number of jobs where they are paid by cheque or electronically, so they have some income to declare come tax time...

Certainly, whenever I do some maths tutoring, for example, it's cash in hand...

That's terrible! I always pay the taxman exactly what I feel he deserves...

[pErvinalia]

Exactly. Virtually every tradesman I've come across does just that, although they also do a certain number of jobs where they are paid by cheque or electronically, so they have some income to declare come tax time...

Certainly, whenever I do some maths tutoring, for example, it's cash in hand...

Libertarian!!

[laklak]

Now boys, it's a privilege, I say a privilege, and a patriotic duty, to pay taxes in this Great Country. Why, I often send a few dollars more, because I'm a patriot, and Our Government needs that money for the Greater Good! And I have always felt this way, it has nothing to do, nothing at ALL to do, with recent reports of IRS and NSA "big data" collection techniques. Nope.

GOD BLESS AMURIKA!

[Strontium Dog]

I find the people who moan loudest about tax avoidance by big firms etc tend to be those most likely to illegally evade tax by taking cash in hand for services rendered. Probably some perverse moral justification thing going on there.

[pErvinalia]

Nothing wrong with understanding the gross inequality in laws between corporations (and other massive blocks of capital) and individual battlers, and then doing something to balance the equation a bit. But, of course, you are an acolyte of capital, so you wouldn't recognise that inequality.

[rainbow]

If it's anything like Oz, the money involved in work being done for cash, with no need to trouble the tax inspectors, would dwarf the drugs and prostitution areas...

Just imagine how much you could increase the size of an economy by including each sex act at a hooker's rate.

...or in the case of the UK, making tea at home