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The construction industry is said to be in complete disbelief after the Office for National Statistics said that business in this sector has contracted by 4.7% in the first quarter of 2011. This figure was later revised to 4% but this has in no way has alleviated any confusion concerning this matter.
n a bid to cut costs on ‘drawn out and costly’ tax procedure inspections HMRC have promised to treat honest traders with a light touch. On the flip side they plan to throw the book out firms suspected of multiple taxes.
During the first 3 months of the year UK unemployment fell by 36,000 according to the Office for National Statistics. After this fall the rate of unemployment now stands at 7.7% but among 16-20 year olds there are one in five young people now out of work. This roughly amounts to 935,000.