Britain's 'black economy' is booming. The Risk Business uncovers a moonlighting co-operative of bus drivers, conductors and inspectors. They carry out building work, decorating, carpet-laying, TV repairs and car maintenance. Andrew Neil reports from Italy where moonlighting and tax evasion have reached truly operatic proportions among doctors, dentists and lawyers; and a million houses have been built unofficially in the last ten years. An economist argues that this activity is not only keeping the Italian economy afloat but also propelling it into the 21st century with new forms of post-industrial economic growth.
Kieran Prendiville reveals other ways in which the taxman loses revenues - through businessmen's perks and completely legal but highly artificial tax-avoidance schemes. One firm for example paid a fee of £2.3m for the know-how and saved themselves £18m. Is the 'black economy' out of control?