The last of my fact mini-series is how the UK has slipped a place in the World Bank’s 2012 Economy Rankings. In the 2011 rankings, the UK was placed 6th. In the 2012 Rankings it’s slipped to 7th.
What does surprise in the rankings is that, out of the 185 economies assessed, the UK is only 62nd in getting connected to electricity, and only 73rd for registering a property, which as Philip Aldrick says in his article shows we’ve more to do to make the UK more business friendly,
“With the exception of corporation tax, the Doing Business 2013 survey made no mention of the UK’s efforts to improve business conditions. On the other hand, bureaucratic delays relating to property registration and construction permits caused the country to lose ground, while other nations made more inroads into red tape.”
We must do better in all the categories. Philip Aldrick continues,
“The study found that the countries with the best regulatory environment grow by as much as 2.3 percentage points faster than those with the worst . “Smarter business regulation supports economic growth. Simpler business registration promotes greater entrepreneurship, while lower-cost registration improves employment opportunities,” the report said.”
Quite so. We’ve work to nationally to make sure we don’t slip further down this table.