UK climbs the ranks of best places to do business

The UK has risen up the ranks among the world’s best places in which to do business, according to the World Bank.

Business Secretary Sajid Javid welcomed the World Bank report. Picture: Dan Kitwood/Getty Images

The World Bank’s Ease of Doing Business report, published today, places the UK at sixth place out of 189 countries – up from number eight previously and ahead of the US, Germany and Japan.

Business Secretary Sajid Javid said the improved ranking came about thanks to the UK government’s “continued commitment” to cutting red tape and making it easier to start and grow a business.

“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,” Javid said.

“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.”

Figures released earlier showed that the UK’s economic growth slowed to 0.5 per cent in the third quarter, compared with 0.7 per cent in the previous three months.

The Office for National Statistics (ONS) said the powerhouse services sector recorded growth of 0.7 per cent in the three months to September, while output in the construction sector fell by 2.2 per cent.

Within the production sector – which recorded growth of 0.3 per cent – manufacturing output fell by 0.3 per cent but the ONS said this was offset by a 2.4 per cent increase in mining and quarrying and a 1.2 per cent increase in water and waste management.

Overall, gross domestic product (GDP) was 2.3 per cent higher in the third quarter compared with the same period a year ago, according to today’s preliminary estimate.

Javid said: “The government is taking steps to ensure that every part of Britain benefits from the growing economy and that everyone who works hard gets the opportunities they need to succeed.”