The ONS (Office for National Statistics) has questioned the extent of the recession double dip which was reported to a wide extent in 2012. Now it appears the construction industry shrank in the first quarter but not by as much as it was understood at the time.
This could mean that technically, the economy never actually slid into recession the second time (thus averting the recession double dip), although the ONS must still confirm this later in 2013. It now seems that it is more likely no growth occurred than a shrinkage which negates the term ‘recession’ since that would entail two back-to-back dips.
The services sector accounting for the bulk of the economy though so it remains to be seen whether the gains by the construction industry will truly affect the outcome. All will be known once the accounting are finalised.
Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that’s enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m, sealing his status as one of the most highly respected tax consultants working in Scotland today.
Ricky leads all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.