The UK’s competitive tax system, business-friendly regulation, skilled workforce and dynamic financial markets have seen it beat off stiff competition from the other European countries to take top spot in the bloc for entrepreneurs.
The EY report, launched ahead of the G20 Leaders Summit on 5 September, places the UK in second place in the G20 overall, beating the Germany and France, and second only to the US for access to funding.
The UK’s low corporation tax and – relatively – light hand on regulation has also seen the country take fourth place in the G20 for entrepreneur-friendly legislation and policy. It has the edge when it comes to spending on research and development too, exceeding the G20 average by over 0.2 per cent.
The EY G20 Entrepreneurship Barometer surveyed more than 1,500 entrepreneurs – 55 from the UK – to compile this report. Countries were ranked on funding, culture, tax and regulation, education and training, and coordinated support.
Stuart Watson, partner at EY, commented: “The foundations for a strong entrepreneurial ecosystem are already well established in the UK, with fast growth businesses accounting for nearly 60 per cent of all new jobs.
“Targeted incentives for investment and research and development, one of the lowest corporate tax rates in the G20 by 2015, and positive interventions like Funding for Lending, all help send a clear message that Britain is open for business.”
