Britain tops ranking of best countries to do business

Britain has defied dire warnings about Brexit to secure top place in a prestigious ranking of the best countries for business.

The UK moved up from fifth to first in the annual Forbes rating, gaining praise for the strength of the workforce and embracing technology.

The analysts pointed out that a host of major firms had committed to Britain since the referendum last year, signalling faith in the ‘long term’ strength of the economy.

Wells Fargo has spent around £300million on a new European HQ in the City, while Apple announced plans for a huge new London campus, and Facebook has also opened offices.

The study assessed 153 countries across 15 categories including property rights, innovation, taxes, technology, corruption, freedom, red tape and investor protection.

The UK came in the top 25 in each of areas apart from political risk – where it placed 28th.

Jeff Lessard, a consultant for Cushman & Wakefield, said the commitment by international companies showed Britain’s resilience.

‘These commitments signal a belief across industries in the long-term strength of the UK economy,’ he told Forbes.

‘The best thing going for the UK is that London is one of three global hubs for financial services.

‘Post-Brexit, a few European cities have the opportunity to challenge London but each has deficiencies.’ 

New Zealand came second overall for the third straight year. Although it only has a population of 4.5 million the economy grew 3.6 per cent last year. 

The Netherlands, Sweden and Canada were also in the top five.

The US went up to 11th – having slipped from first in 2006 to a low of 23rd last year.

The findings will be a boost for Theresa May (pictured in the Commons today) as she pushes for a Brexit deal