World Bank Report Cites UK as One of World's Ten Most Business-friendly Locations

Online, November 20, 2013 (Newswire.com) - The United Kingdom has made it into the top 10 rankings in this year's World Bank Doing Business report, up one place on last year.

With the report now in its 11th year, Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises analyses the impact of regulations throughout the business lifecycle across 189 jurisdictions, ranking economies on the basis of 10 indicators including ease of starting a business, and paying taxes. Russell Bedford member firms have contributed to each report's Paying Taxes survey since 2009, contributing data on tax regulation, recent reforms, and the real costs of tax compliance worldwide.

Despite the improvement in its overall standing, the UK's results this year are somewhat mixed, with the country showing improvements in only four areas - insolvency resolution, contract enforcement, property registration and ease of paying taxes, where it moves from 17th to 14th place.

The country has held on to the number one slot for ease of obtaining credit. However, this is a ranking on which many commentators remain sceptical.

Mark Turner, managing partner of Russell Bedford member firm Lubbock Fine commented: "It is highly gratifying to see the UK ranked among the world's top 10 business locations - and particularly to see improved standing in terms of ease of paying taxes. But, as last year, rankings on access to credit perhaps disguise more than they reveal. We continue to hear too many stories of SMEs and entrepreneurs unable to secure the credit they need for business growth - and paying too much for it when they do. For whatever reasons, recent government initiatives aren't reaching those businesses that need them most, and we will continue to push for improvements here."

ENDS

Notes for Editors

For more information about the World Bank's Doing Business reports, please visit www.doingbusiness.org

About Russell Bedford International

Established in 1983, Russell Bedford International is a global network of independent firms of accountants, auditors, tax advisers and business consultants. Ranked amongst the world's leading accounting and audit networks, Russell Bedford is represented by some 460 partners, 5000 staff and 280 offices in more than 90 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific. Russell Bedford International is a member of the IFAC Forum of Firms and a member of EGIAN, the European Group of International Accounting Networks and Associations.

Contacts:

Kempton Bedell-Harper
Russell Bedford International
T: +44 20 7410 0339
E: info@russellbedford.com
W: www.russellbedford.com

Mark Turner
Lubbock Fine
T: +44 20 7490 7766
E: markturner@lubbockfine.co.uk
W: www.lubbockfine.co.uk