The UK slipped nine places to the eleventh spot on the closely-watched table of global competitiveness put forward last week by the respected World Economic Forum (WEF). United States regained the top spot, despite the current turbulence in its economic performance, thanks to its ability to innovate and the efficiency of its markets. Jyoti Banerjee checks out the league tables in competitiveness.
Coming 11th out of 131 competing countries does not sound too bad – probably a better performance than the collective achievement of the highly-paid elite that make up England’s football team. What is disappointing is the basis for the fall from second to eleventh place. According to the Global Competitiveness Report for 2007-08, four of the most problematic factors in doing business in the UK are tax rates, tax regulations, an inadequately educated workforce and inefficient government bureaucracy.
Just take a moment and read that list again. In every instance, the finger of blame points to one culprit, the government.
Now that’s disappointing.
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