Home Business News Big boost: World Bank ranks UK seventh in its ‘Doing Business’ report

Big boost: World Bank ranks UK seventh in its ‘Doing Business’ report

1st Nov 17 2:40 pm

Britain better than France and Germany for businesses

Leaving its European rivals behind, Britain has emerged as one of the best countries in the world to do a business.

In its ‘Doing Business’ report, World Bank has given these rankings based on factors like how easy it is to start a business, secure funding, access electricity and deal with construction rules.

While the report puts UK seventh on the list, Germany has been ranked 20th, Spain as 28th, France 31st and Italy has been ranked as 46th best country in the world to do business.

The only other nations above the UK were South Korea in fourth, Hong Kong in fifth and the United States in sixth.

The good news has been accompanied by record levels of employment in Britain. In the UK, unemployment has fallen to a 42-year low of 4.3 per cent as 32.1m people are now employed — up from 29.2m in 2010.

Rita Ramalho, acting director of the global indicators group at the World Bank, stated: ‘The UK is a good place to do business because it is simple and very affordable to start a new business. The tax burden on small and medium size businesses is low and easy to comply with, the process of importing and exporting is straightforward, and commercial courts are very efficient.’

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