UK ranked fifth in index of European countries to start a business

Ireland named 'best place for business' due to its "business friendly" tax system, access to finance, and strong economic growth...

The UK is the fifth ‘best place’ to start a business in Europe, according to a new index compiled by World First, based on criteria such as GDP growth, VAT, business births and deaths, and education levels.

The index scored Spain 10th, France 14th and Germany 25th as European start-up hubs, while Ireland took the top spot as the “best country for ambitious businesses looking to grow in Europe” due to a combination of low corporation tax rates, “easy access to finance”, and strong economic growth.

World First also noted Ireland’s recent progressive economic policies as a magnet for fast-growing companies, with the likes of Facebook, Google and Microsoft all having opened up offices in the locale.

Malta, Latvia and Slovakia all ranked above the UK in the league table, scored in fourth, third and second place respectively.

Outside of Europe, the UK is ranked as the eighth best country to start a business – as reported by Global Entrepreneurship Week in November.

Edward Hardy, analyst at World First, commented:

“Despite the uncertainty caused by the UK’s vote to leave, it remains one of the best places to do business in Europe which bodes well for a post-Brexit UK. As the fastest growing G7 economy, the UK provides businesses with a competitive tax system and access to diverse talent. These key characteristics are what the current government will be keen to highlight when negotiating trade deals post-Brexit as they seek to convince foreign firms that the UK is open for business.”

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