UK designated Europe’s most entrepreneurial country
The UK has acquired the title of Europe’s most entrepreneurial country. It is the first time that the UK has laid hand to the accolade, after jumping five places globally to reach the fourth position worldwide.
The findings emerged from 2015’s Global Entrepreneurship Index (GEI), in which the UK has shown steady yearly improvement since 2012. It is now positioned behind the USA, Canada and Australia.
Over the past six years the UK’s economy has been hard hit in the backlash of the global recession, with traditional business attitudes upturned alongside a dramatic shift to a digital world. Retail in particular has struggled, with vacant high street buildings laying testament to a changing economic landscape.
The GEI’s findings reflect the UK’s nationwide engagement with start-ups, tackling new areas of growth, especially within London’s booming tech market, which is now one of Europe’s largest start-up hubs – attracting billions in investment each year.
In the report, the GEI noted that Britain’s rise in ranking is due to strong performance in entrepreneurial attitudes and abilities, specifically citing governmental support as a key factor in the rise of entrepreneurships. However, despite the strength of London’s tech scene and widespread engagement with start-ups across the country, the GEI still valued the UK’s ‘entrepreneurial aspirations’ as ‘weak’.
Meanwhile, the UK’s greatest strength, the GEI said, was its ability to find and create unique products, with a prevalence of highly skilled and educated entrepreneurs.
In response to the survey, Business Secretary Vince Cable praised UK business.
He said: “Despite tough economic times, we have jumped 10 places in just two years to be the number one enterprising nation in Europe.
“Our industrial strategy will continue this legacy by providing an environment where businesses can innovate and have confidence to invest in new ideas for long-term growth.”
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