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UK named sixth-best country for business

The government's drive to cut red tape and corporate tax has seen the UK move up the World Bank's international league table for doing business in a year when both rich and poor countries have tried to ease regulations on setting up and running companies. Britain rose from eighth to sixth in the rankings, and was the highest placed of the G7 group of leading industrial nations. The World Bank said developing countries had quickened the pace of reforms, but the highest positions in the list of 189 countries in its annual 2016 Doing Business report were again taken by high-income states. Singapore headed the top 10, followed by New Zealand, Denmark, South Korea, Hong Kong, Britain, the United States, Sweden, Norway and Finland. Sajid Javid, Britain's business secretary, said: '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. This is international recognition of the UK's strong and stable business environment, competitiveness and entrepreneurial spirit.' The Department for Business, Innovation and Skills said steps taken to improve the ease of doing business had included a pledge to cut £10bn of red tape, a pledge to cut corporation tax to 18%, increasing the number and quality of apprentices, investing in research, and building stronger trade ties with emerging markets.

 

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