Good news for the UK. After years of decline, it appears that they are moving back up the global rankings for the best places to do business. This news is according to the World Economic Forum, which reported that Britain is the eighth most competitive country in the world.
This is the highest ranking that they’ve received this century. From 1997 to 2010, for instant, the UK fell from ninth place to 22nd out of 59 in the World Competitive Yearbook that is published by the Institute for Management Development. Since then, they’ve recovered to take their place at the 18th spot.
As Tim Knox, the director of the Centre for Policy Studies think-tank explained, “The ranking of the UK in each of the three main international league tables of world competitiveness fell significantly between 1997 and 2010. The Coalition Government pledged to improve the UK’s competitiveness, and it appears that the relative decline is now being reversed. The Coalition should take some comfort from these findings: our dreadful performance during the New Labour years is slowly being reversed. But they must also accept that government policy does effect the competitiveness of the UK economy – and that there is still so much more to do.”
The WEF has identified the biggest issues that the UK needs to do to boost business and bring the economy around. These include complaints about the “access to financing,” the “inefficient government bureaucracy,” an “inadequately educated workforce” and a “poor work ethic.”
Now, the question is if the government will pay attention to these criticisms and do something about them.