UK moves up 'best for business' list despite Brexit fears
Forbes cited improved UK scores on corruption and tax burden plus an upturn in the stock market as it published the annual list.
Wednesday 21 December 2016 19:15, UK
The UK has moved up the list of the best countries in the world to do business - despite wider fears over how Brexit could hit trade and slow economic growth.
It climbed from tenth to fifth in the annual chart published by US publication Forbes.
Kurt Badenhausen, senior editor at Forbes, said the UK moved up "thanks to improved scores on corruption, tax burden and monetary freedom, as well as a stronger stock market".
There was no mention of the impact of the Brexit vote.
:: Brexit deal should encompass 'whole economy' approach - CBI
Sweden replaced Denmark at the top of the list after slashing red tape and paring back welfare spending.
Second was New Zealand, followed by Hong Kong and Ireland, then the UK.
The US slipped one place to 23rd, continuing a decade-long slide from topping the list in 2006.
Forbes cited falling scores for the world's biggest economy on trade as well as rising levels of red tape and bureaucracy.
Chad, in central Africa, came last for the second year in a row.
The UK's vote to leave the European Union saw the pound plunge to 31-year lows against the US dollar as investor confidence dipped.
Top-flight shares have turned higher but that is largely because of the fall in the UK currency, which makes global FTSE 100 companies' dollar and euro earnings worth more in sterling.
Industry leaders have voiced fears about the impact of trade tariffs with Europe in the event of a "hard" Brexit deal.
Meanwhile the fall in the pound has already started to lift inflation - a key reason, together with an expected slowdown in business investment, for a forecast slip in UK growth next year.
But ministers have stressed that the country is open for business, hailing investment plans from the likes of Google, Facebook and Nissan.
Theresa May's Government has also set out plans for infrastructure investment and is to push ahead with a big cut to corporation tax.