THE UK has moved up the World Economic Forum (WEF)’s global rankings to hit seventh on a league table of technology development.
The WEF’s rankings, which assess factors including internet use, telecoms infrastructure, the cost of services and the application of technology, found that Britain had risen three places since last year.
The UK ranks above the US, Denmark and Taiwan, although it lags behind first-placed Finland, as well as Singapore, Sweden, the Netherlands, Norway and Switzerland.
However, in rankings of how competitive tax regimes are, the UK came 64th. Firms pay 35.5p in every pound in profits on corporation tax, property tax and other levies, the study claimed. Although most of the countries ahead of the UK were developing nations with less sophisticated tax regimes, UK firms still pay more than Iceland, Canada, Ireland and Denmark. The rankings said that UK firms are taxed less than most of the top 10 technologically developed nations, including the US.
Richard Bhanap, a partner at Booz & Company, the management consultancy who published the report with the WEF, said that the UK had moved up the rankings due to Britain’s relatively low broadband and mobile contract prices, high internet use and improving infrastructure. He also attributed it to government initiatives to boost technology development, such as London’s Tech City and moves to get people online.