UK competitiveness held back by tax rate

The World Economic Forum has concluded that the tax rate is one of the things hampering the UK’s competitiveness as a place to do business.Britain was recently ranked as the eighth best country in the world in which to do business, up from tenth place last year. This is the highest that the country has ranked in the last century, reports say, with 15th being the lowest the UK has fallen down the World Economic Forum’s (WEF) league table.In its Global Competitiveness Report, the WEF said the rise up the table was a sign of the UK “making up lost ground” and that it was now “firmly back in the top ten”.The league table is based on 12 pillars of competitiveness, outlined by the WEF. The UK’s weakest areas were seen to be access to finance, tax rates and regulations, skills, and infrastructure.A Treasury spokesman is quoted by the Daily Mail as saying, “The Government’s reforms are supporting the UK becoming more competitive, such as creating a more flexible and educated workforce, simplifying our tax system, and reducing the main rate of corporation tax – as well as scrapping burdensome regulation and simplifying planning rules.”

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