Black market is now worth more than £150billion

The Sun reports on IEA research

Britain's black market is now worth more than £150billion with hundreds of thousands of workers dodging tax, research reveals today.

The Institute of Economic Affairs found that our “shadow economy” is now equivalent to a staggering 10.3 per cent of national income.

It said the UK’s high taxes and stringent red tape had pushed soaring numbers of people to work off the books.

This includes many on building sites — making it harder for honest builders as it is cheaper for rogue firms to pay cash.

Others moonlight as cabbies or van drivers without declaring extra income, or offer gardening work door-to-door.

Professor Philip Booth, IEA director, said: “Radical action is needed to reduce the burdens of taxation and red tape.”

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