World Bank ranks UK 6th up from 8th.
The World Bank Ease of Doing Business report released today places the UK as the 6th out of 189 countries, ahead of the US, Germany and Japan.
The UK Government’s continued commitment to de-regulate, make it easier to start and grow a business and establish a competitive tax environment has pushed the UK up two places, from 8th last year.
Business Secretary Sajid Javid said:
“The UK has once again climbed up the rankings and is one of the top places in the world to do business, getting closer to the Government’s target of reaching the top five. This is international recognition of the UK’s strong and stable business environment, competitiveness and entrepreneurial spirit. Our economy is now growing faster than any other G7 nation.
“The Government is taking steps to ensure that every part of Britain benefits from the growing economy and that everyone who works hard gets the opportunities they need to succeed.”
Government action to improve the ease of doing business includes:
- Commitment to cut £10 billion of red tape in order to back British business and put resources to more productive use.
- Cutting tax – at 20%, the UK already has the joint lowest corporate tax rate in the G20, but it will be cut further to 18% in 2020, making it the lowest in the G20.
- Boosting skills and productivity by raising the quantity and quality of apprenticeships in England to three million starts by 2020.
- Investing £6.9bn in UK research infrastructure up to 2021 – improving knowledge, expertise and productivity.
- Building stronger trading links with emerging markets, especially China, India and Brazil; and delivering a Europe that is more dynamic and outward focussed as part of our renegotiation.