RESTORING UK COMPETITIVENESS
On each of the three main international surveys of UK competitiveness, the UK has improved its ranking since 2010. This is after a period of significant decline between 1997 and 2010.
The key data in a new one page Factsheet, Turning the Tide: the UK’s improving competitiveness are:
| UK Record under New Labour | UK Record under the Coalition | |||
| World Economic Forum | From 7th to 12th | – 5 places | From 12th to 8th | + 4 places |
| World Competitiveness Yearbook | From 9th to 22nd | – 13 places | From 22nd to 18th | + 4 places |
| Index of World Economic Freedom | From 5th to 16th | – 11 places | From 16th to 14th | + 2 places |
The Factsheet also shows how, if the UK is to improve its competitiveness further, then its tax, regulation and macro-economic environment must all be improved.
Tim Knox, Director of the Centre for Policy Studies commented:
“The Coalition should take some comfort from these findings: our dreadful performance during the New Labour years is slowly being reversed. But they must also accept that government policy does effect the competitiveness of the UK economy – and that there is still so much more to do.”
Ryan Bourne, Head of Economic Research at the Centre for Policy Studies commented:
“One of the Coalition’s stated aims was to improve the UK’s competitiveness. On tax and regulation, we appear to be moving in the right direction, albeit slowly. The key going forward is to get to grips with the public finances. If the Coalition is successful in doing this then it appears that their other policies are putting us in a better position to compete in a globalised world economy.”
Media Impact:
City AM: Editor’s Letter – Three reasons why the UK economy will eventually improve
London Loves Business: Brace yourself George, and prepare to be pleasured!
This is Money: UK back up to 8th in global ranking of best countries to do business – but will current policies take it higher?
City AM: Dominic Raab – We need chutzpah as well as cuts to restore British competitiveness
