The World Bank has ranked the UK in eighth position globally for ease of doing business ahead of several developed European nations.
The new ranking – one ahead of its previous position – means that the World Bank believes that the is the second-best place to do business in the G7 behind the USA and the second-best in the EU after Denmark.
The research looks at regulations across 190 economies in 12 business regulatory areas to consider which is most open to businesses.
Indicators are used to estimate ease of doing business score each year, over the 12 months ending 30 April 2019.
These indicators include:
- starting a business;
- dealing with construction permits;
- getting electricity;
- registering property;
- accessibility to credit;
- protecting minority investors;
- paying taxes;
- trading across borders;
- enforcing contracts; and
- resolving insolvency.
The UK ranks just ahead of Norway in the study and just behind Georgia for ease of business based on these indicators.
David Malpass, World Bank group president, said: “Governments can foster market-oriented development and broad-based growth by creating rules that help businesses launch, hire, and expand.
“Removing barriers facing entrepreneurs generates better jobs, more tax revenues, and higher incomes, all of which are necessary to reduce poverty and raise living standards.”
The Doing Business 2020 study revealed that governments of 115 economies around the world launched 294 reforms over the past year to make doing business easier.
However, it also found that 26 economies took regressive steps that posed new obstacles to businesses, including additional costs.
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