UK 'highly ranked for innovation'

Date: 27th October 2009

The UK is a good place for entrepreneurs, data from the Legatum Institute indicated today (October 27th).

According to the research firm's latest Prosperity Index, Britain is the second-ranked nation for "innovation", suggesting that conditions are easier for business start-ups here than they are overseas.

However, the UK was found to be only the 12th most prosperous nation overall - meaning that it ranked lower for other considerations such as economic growth and quality of life.

Finland topped the Index, with the US in ninth place.

Dr William Inboden, senior vice president of the Legatum Institute, said: "The Index clearly shows that the UK's path to future prosperity rests in its ability to lead as a global innovator and in how well it tackles these barriers to continued growth."

He added: "Despite the recession, the UK continues to perform well on a number of important economic indicators."

A total of 104 nations are rated and ranked for the Prosperity Index.