Britain: second in world for innovation and entrepreneurship

Despite the continual talking down of Britain by the Conservatives and Putney Tory MP Justine Greening in particular, a new report by the free-market Legatum Institute finds that, surprise surprise, the UK is remarkably strong and robust.

Overall Britain comes twelth (out of 104) in the rankings which analyse a range of the factors that make countries competitive and successful: that's ahead of Germany, France, Italy and Japan to name but a few; and of our major competitors only just behind the US. And here's what they say about key aspects of our country:

Economic Fundamentals: "British inflation and unemployment rates are better than the global average, indicating a fairly stable economy...Foreign direct investment stands at 7% of GDP, showing the British economy to be an attractive investment opportunity to foreign investors.

So much for Conservative claims that we are, as a nation, over-extended, our (excellent) credit rating at risk and on the brink of being shunned by international investors.

Entrepreneurship and innovation: "Barriers to entry, in terms of number of procedures required to start a business, are very low in the UK. This is reflected in the fourth highest number of new businesses registering in the country in 2007...ICT goods account for a high percentage of total exports, ranking the country 12th, internationally, and 34% of exported manufactured goods are high-tech exports. The country devotes 2.3% of its GDP on R&D expenditure, placing it in the top 10 on both variables. The UK receives the third highest amount of royalties, reflecting successful capitalisation on the country?s intellectual property.

Social capital: "...Instances of charitable giving also ranked second highest, internationally. Over a quarter of respondents had volunteered time to an organisation the previous month, and 59% had helped a stranger, ranking the country in the top 30 on both variables."

Education: "British workers benefit from high levels of tertiary schooling, boosting labour productivity"

Health: "High life expectancy, low infant mortality, and a strong health infrastructure characterise the health care system in the UK"

Personal Freedom: "British society is characterised by a high degree of personal freedom and perceived tolerance of minority groups"

It's incredibly easy to forget in the drip-drip world of sensationalist tabloid news just what a fantastic country the United Kingdom is, especially when we have HM Official Opposition doing everything in their power to destroy our reputation at home and abroad and threatening to take us down an economic path not a single G20 country is heading.

This report hasn't been compiled by Labour, the trade unions or by Government, but by a global investment firm: hardly a firm likely to sugar-coat its findings because it's politically sympathetic to the Labour Party. But don't take my word for it: download the full report here.

Hat-tip to blogger Don Pasinski for drawing this story to wider attention.