UK seen as a good place to start up a business

Although many homegrown small business people may be sick of red tape, compliance and tax issues, it appears that many of us think the UK is still a good place to start up and run a business.

The new research, conducted by the FT, showed that 57% of those who expressed an opinion believed that the UK was a good place to set up a new company.

However, just 40% thought that the UK business climate was a good as that in the United States - which is seen by many as the best place to start up a business in the world.

Unsurprisingly, red tape was widely criticised by UK respondents to the survey - 86% believed that it was a problem. This was a high percentage compared to other European countries, despite the fact that other economies are notoriously bureaucratic.

The vast majority of UK and US respondents (90%) agreed that people who took risks in building up enterprises should be allowed to keep most of the wealth they create. This was a significantly higher proportion that those polled in continental Europe.

You can read a summary of the FT's survey results here.