UK ranked top G20 country for digital businesses
The UK has been named as the best G20 country for starting up a digital business in EY’s G20 Digital Entrepreneurship Barometer, which is the basis of a report entitled Digital Disruption – Threat or Opportunity for Entrepreneurship?
The Barometer identified the nations with the best digital environment, with the UK scoring the best marks for the time taken to start up a digital business, taxation frameworks, recruitment practices, and legal efficiency.
The UK ranked second for its digital knowledge base and information and communications technology market, with the US topping the list.
The Barometer also named the highest and lowest scoring G20 nations for access to finance, with the UK being ranked the lowest at number nine. However, the UK scored higher when it came to entrepreneurial education and availability of digital skills, coming in seventh place.
The report called for more support to be provided for young entrepreneurs to help them succeed in the digital age, and recommended providing more support schemes and teaching entrepreneurship in schools, with STEM education being made a priority.
EY Head of UK Government and Public Sector, Bjorn Conway, said that the UK Government needs to think about how to set up the economy to enable it to succeed in the digital age after Brexit.
He stated: “By understanding the issues that young entrepreneurs face, policy can help play a critical role in turning digital disruption into a powerful opportunity.”
“Supporting an entrepreneurial environment that encourages our young people to establish, grow and scale their businesses will ensure the UK continues to be competitive on the world stage into the future,” he added.