The UK's black economy, also known as the "hidden" or "shadow" economy, involves undeclared work and transactions, often cash-based, hidden from HMRC (HM Revenue & Customs) to avoid tax and regulations, costing billions in lost revenue and affecting GDP figures, with recent studies showing significant participation, especially among younger people and those in difficult financial situations, involving activities like cash-in-hand jobs and tax evasion. It encompasses both small-scale undeclared work (moonlighting) and more significant, sometimes criminal, illicit activities, impacting tax collection and official economic data.
Reports in 2011, 2017 and 2023 laid out the facts of the UK's hidden economy, meaning work that is in legal sectors but that people are failing to register for regulatory or tax purposes (rather than illicit activities, such as drug-dealing and sex work, which are wholly or partly criminalised).
Also known as the “grey” market, shadow economy, or black economy. This is the part of the economy that is not taxed or regulated by government, and therefore does not feature in the GDP statistics for that country.
ACCA estimates shadow economy value at £223bn. The analysis suggests the underground economy in the UK represented 11.5% of GDP in 2016 and is expected to fall only slightly in the coming years, to 10.8% by 2025. The global average is expected to fall from 22.5% to 21.39% of GDP over the same period.
Black market items can include drugs, guns and weapons, and media like movies or songs. These markets aren't something laws or regulations will ever be able to eliminate. As long as there are illegal goods and services, there will be someone willing to provide them at a price.
How Britain’s ‘black economy' works and why you and your family can’t get work
Who is the richest ethnic group in the UK?
Indian households have 90–95p for every £1 of White British wealth, Pakistani households have around 50p, Black Caribbean around 20p, and Black African and Bangladeshi approximately 10p. White British households hold the most wealth (£282,000), closely followed by Indian groups (£266,000).
Just under 80 per cent of A&E attendances (where the patients ethnicity is known) are for those with an ethnic group of White. The lowest rate of attendances with 26,000 attendances for every 100,000 people is for those with an ethnic group of Mixed.
In 2022, Native American and Black people had the highest share of people living below 100 percent of the poverty level. Across the listed poverty levels in 2022, the Native American female population had the highest share of those below the poverty level in the US, while the white male population had the lowest share.
For women in England and Wales, the unemployment rate is highest for those from an Arab (15.9%), Gypsy or Irish Traveller (13.1%), or Bangladeshi (13.0%) ethnic background. For men, the unemployment rate is highest for those from an Other Black (16.6%) or White and Black Caribbean (14.1%) ethnic background.
Other terms used to refer to the shadow economy include: the black economy, cash economy, underground economy or the cheating economy. 'Shadow economy' is now the preferred term to reflect the Organisation for Economic Co‑operation and Development's (OECD) definition of unreported or dishonest economic activity.
Key takeaways. J.P. Morgan Research has reduced the probability of a U.S. and global recession occurring in 2025 from 60% to 40%. However, a period of sub-par growth could lie ahead, especially as the U.S. tariff shock could still be material.
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Britain's shadow economy is now worth £150bn a year – but it is smaller than in most other western nations and last year fell to its lowest level in almost a quarter of a century, according to a report released on Tuesday.
Cities across the UK regions with high White British populations included Swansea (91.5%), Kingston Upon Hull (89.7%), Plymouth (92.2%), Darlington (93.7%), Belfast (96.4% – NI classification "white"), Norwich (84.7%), Liverpool (84.8%) and Chelmsford (90.0%).
