UK economy rises in rankings

UK rises up World Bank business rankings The UK has climbed to eighth place in the World Bank’s annual rankings, up from ninth a year ago. The report tracks regulations, administration and barriers to establishing and running businesses. The UK has made it easier to start a business, with it now quicker and cheaper for a business to get connected to electricity supply, for example. However, business costs have increased due to a more onerous pensions regime and the extra time required to administer taxes. International trade secretary Liz Truss said the report showed the UK is one of the best places to do business in the world and was why Britain continued to be the number one destination for attracting foreign direct investment in Europe, and third globally after the USA and China.