The UK is now the ninth most competitive economy in the world, according to the World Economic Forum.
This is particularly good news as the UK registered fastest economic growth in six years.
Britain moved from 10th place last year to ninth because of the government’s efforts to improve fiscal deficit, a lower public borrowing, an efficient labour market and the City’s status as a financial hub.
“[The UK] benefits from an ICT uptake that is one of the highest in the world. That, coupled with a highly competitive and large market, allows for highly sophisticated and innovative businesses to spring up and develop,” the report said.
Here are the 10 most competitive economies in the world: