So I did a fresh install of Unity to the latest version of 3.5.1 and it fixed the problem I was having. However I am now faced with another problem. When I create a New UI or any widget, it creates said element but with the following error:
Instance of UIPanelInspector couldn't be created because there is no script with that name.
Where UPPanelInspector reflects whatever it is I'm trying to create. As a result when I select the item in the hierarchy the inspector refuses to show the transform and script elements claiming:
"Multi-object editing is not supported."
Sorry to bother you again.