UK 'one of the best places to do business'

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The UK has been named among the best countries on Earth in which to run a business

The UK has been confirmed as one of the best countries on Earth in which to start and run a business.

According to the findings of the World Bank Ease of Doing Business report, the UK ranks sixth out of 189 countries in terms of the ease in which companies can operate in the current fiscal environment.

This places the UK ahead of a raft of other developed nations, including the US, Germany and Japan.

Overall, the result marks an improvement for the UK, which has now climbed from eighth place in 2014.

Responding to the news, business secretary Sajid Javid 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.

"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."

Keen to highlight the extent of government support for businesses across the UK, Mr Javid added there have been a number of measures put in place in recent years to bolster growth, including:

  • Investment of £6.9 billion into the provision of new UK research infrastructure up to 2021.
  • Improved trade links with both developed and developing nations, including stronger ties with countries including Brazil, China and India.
  • An ongoing commitment to cut £10 billion of red tape in order to back British business and put resources to more productive use.

It is hoped that the future impact of these productive measures will also deliver further gains and that the UK can again repeat its successes in promoting business growth and support in the years ahead.