UK 6th best place for business

Britain is the sixth most competitive place in the world to do business but could quickly drop down the rankings unless the government cuts red tape and companies keep pushing innovation, a report showed yesterday. Consultants Deloitte said that using...

Britain is the sixth most competitive place in the world to do business but could quickly drop down the rankings unless the government cuts red tape and companies keep pushing innovation, a report showed yesterday.

Consultants Deloitte said that using government and European Union competitive indicators it ranked Britain below the United States, Sweden, Finland, Denmark and Germany in its survey of 25 economies.

But the world's fourth largest economy still beat fellow Group of Seven industrialised nations Canada, Japan and France.

"The index ranks the UK among the top five countries when measured on macroeconomic stability and enterprise, however on skills, innovation and tax/regulation, the UK is significantly lower in the rankings," Deloitte said.

The report predicted the UK could fall to 12th place in the overall competitive index based on current trends.

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