Brexit Boom: World Bank Ranks UK Far Above Germany, France, Manufacturing Strengthens


The World Bank has ranked post-referendum Britain the seventh-best country in the world to do business, well above EU rivals France and Germany.

The United Kingdom’s position on the ease of doing business remains unchanged since last year, with the country leapfrogging Norway, but being leapfrogged in turn by the Trump-led United States, which has put a strong emphasis on jobs and economic growth.

The only EU member-state to rank above Britain was Denmark — a relatively eurosceptic country and the only member of the bloc besides Britain to have secured an opt-out from the perpetually troubled euro currency.

France and Germany, widely regarded as the engines of the European Union and often cited by Remainers as likely destinations for UK-based businesses to flee to after Brexit, trailed far behind, in 31st place and 20th place, respectively.

“The UK is a good place to do business because it is simple and very affordable to start a new business,” said Rita Ramalho, acting director of the World Bank’s global indicators group.

“The tax burden on small and medium size businesses is low and easy to comply with, the process of importing and exporting is straightforward, and commercial courts are very efficient.”

The news comes as Bloomberg reports that Britain’s manufacturing sector has strengthened over the past month, with IHS Markit director Rob Robson noting that, “Manufacturing made an impressive start to the final quarter of 2017.”

He added: “The continued robust health of manufacturing and rising price pressures will help cement expectations of the Bank of England hiking interest rates for the first time in a decade.”

Indeed, research by CV-Library indicates that British manufacturing has seen a 24 per cent increase in advertised vacancies over the last 12 months, while preliminary Office for National Statics (ONS) figures suggest that overall growth is accelerating.

Prior to the Brexit vote, Treasury officials directed by David Cameron’s Chancellor of the Exchequer George Osborne tried to claim that a Leave vote would deliver an “immediate and profound shock” to the economy, tipping into recession and causing at least half a million jobs losses.

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