UK one of the best countries for doing business, says World Bank report

The UK has moved up the World Bank and IFC’s Doing Business index, indicating that it’s now an easier place to do business than it was just last year.

According to the survey, which was launched in 2002, the UK is now the 8th best country in which to do business, which is a two-place jump from last year’s position.

In first place was Singapore, which hung onto its top spot, followed by New Zealand, Hong Kong, Denmark, South Korea, Norway and the United States. Finland and Australia are ninth and tenth respectively.

The index, which gathers and analyses quantitative data to establish which of the 189 economies are performing well, shows that economic growth in the UK is inspiring confidence in the world of business.

This positive environment, which is encouraging more individuals and organisations, to do business has been made possible by various reforms to, for example, tax registration and corporation income tax (the latter being reduced).

The overall picture of the global environment is one of positivity, with the index reporting that local entrepreneurs in 123 economies witnessed improvements in “their regulatory environment” over the past 12 months.

Additionally, the World Bank recorded 230 business reforms from June 2013 to June 2014, 145 of which were directed towards to cutting the “complexity and cost of complying with business regulations”.

“An economy’s success or failure depends on many variables; among these, often overlooked, are the nuts and bolts that facilitate enterprise and business,” commented Kaushik Basu, senior vice president and chief economist of the World Bank.

“By this I mean the regulations that determine how easy it is to start a business, the speed and efficiency with which contracts are enforced, the paperwork needed for trade, and so on. Making improvements in these regulations is virtually costless, but it can play a transformative role in promoting growth and development.”