The announcement, by the World Bank’s annual Doing Business Report, named the UK as the top country in the G7 for ease of doing business, ahead of the USA, Canada, Japan, Germany and other leading industrial nations.
In the world rankings, the UK now sits at sixth place, with Singapore named the best place in the world to do business.
UK 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.”
Why the UK is improving
The Conservative Government, in their pre-election manifesto, put UK business at the forefront of their plans to boost the economy.
Steps already taken include:
- a pledge to cut £10bn of red tape
- a lower rate of Corporation Tax
- an increase in the number and quality of apprentices
- investment in research
- the establishment of stronger trade ties with emerging markets, including China
Comparatively low tax rates, especially for profit-related taxes and taxes related to employing staff, helped to give the UK a strong position for the year.
At just 20 per cent, the UK currently has the joint-lowest corporate tax rate in the G20, and the government plans to cut the rate further still to 18 per cent by 2020.
A good time to do business
Business around the globe has become easier in general, with the World Bank report finding that more than 60 per cent of the world’s economies had improved their business rules over the past year.
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