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According to the latest numbers from the Office for National Statistics, there
has been £10 biilion of the fraud in the second quarter, compared with £6.5
billion in the first quarter of 2006.
It is thought that the government may have to cut spending or increase taxes in
order to compensate for a huge increase.
Analysts expect carousel fraud to exceed £30 billion this year, 15 times the
level of 2004.
But Treasury officials deny the fraud is out of control. A spokeswoman stated: "HMRC's
significantly strengthened operational strategy to tackle this fraud through a
combination of legislation, litigation and operational initiatives is delivering
results."
Source:
Credit
Control Journal
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