Britain is one of the best countries in the world in which to do business, according to a report by a leading global watchdog.
The UK was ranked seventh in the World Bank’s ‘Doing Business’ report – leaving European rivals including Germany and France trailing in its wake.
The findings underlined just how difficult it will be for countries on the Continent to poach business from Britain following Brexit.
The UK was ranked seventh in the World Bank’s ‘Doing Business’ report – leaving European rivals including Germany and France trailing in its wake (stock image)
German and French politicians in particular have sought to tempt businesses to relocate from the UK to cities including Frankfurt, Berlin and Paris.
In a desperate bid to attract bankers currently based in London, France even ran an advertising campaign with the slogan: ‘Tired of the fog? Try the Frogs!’
But Denmark was the only European country to be ranked higher than Britain in the World Bank report, taking third spot behind New Zealand in first and Singapore in second.
The only other nations above the UK were South Korea in fourth, Hong Kong in fifth and the United States in sixth.
Germany was ranked the 20th best country in the world in which to do business while Spain was 28th, France 31st and Italy 46th.
The rankings were based on a range of factors including how easy it is to start a business, secure funding, access electricity and deal with construction rules.
The World Bank also praised the low level of tax faced by small businesses – something that could be