The Legatum Institute has praised the UK as “extremely entrepreneur-friendly” citing low start-up costs and a favourable climate for entrepreneurs.
The news comes as the UK is named the one of the top centres in the world for business regulation in terms of ease, speed and proper process. It claimed:
“At … around £66, the UK is the third cheapest place in the world to start a business, far cheaper than the US or Germany."
According to the report, the UK is the best country in the EU in which to start a business.
The Legatum Institute, a London based think-tank, described the UK as “extremely entrepreneur-friendly” in its annual Prosperity Index.
In another report, Legatum listed the UK as the 15th most prosperous country in the world — just behind Germany and the USA, but ahead of Austria, Singapore and Japan.
The relative success of Britain’s economy was cited as a key factor in helping it to maintain its position as one the world’s most prosperous countries.
The UK has recent economic successes to thank for the upsurge in position. Since 2013, the UK’s economic ranking has gone up by 9 places with high recent employment growth a key factor, though some would question the findings given recent signs of weakening in the UK economy post Brexit.
With the Sterling returning to strength, demand has fallen for British exports, a fact compounded by a decrease in business confidence with one index putting the figure at 15.6, well below the peak of 37.3 reached in 2014.