UK named as world’s sixth most business-friendly country
UK has the joint lowest corporate tax rates of the G20 and economy is now growing faster than any other G7 nation
The UK is now the sixth best place in the world to do business – its highest position since a record fourth in 2011 – in the World Bank Group’s Doing Business 2016 report.
The report, which evaluates the impact of regulation on doing business, placed the country ahead of Germany, Japan and the US in seventh place thanks to its comparatively low business tax rates.
The UK has the joint-lowest corporate tax rates of the G20 at just 20%, with the government planning to reduce this still further to 18% by 2020.
In other areas the country fell down, taking an average of 21 and a half days to transfer property compared to four days in Denmark – the third-most business friendly country.
The UK was also listed lower in similar reports such as The Wall Street Journal and The Heritage Foundation’s 2015 Index of Economic Freedom where it was ranked thirteenth.
Overall the report painted a positive global picture with more than 60% of the world’s economies improving their business regulation on the previous year.
Commenting on the report, Sajid Javid, business secretary, 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.
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“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.”