UK business costs are the smallest in Europe

first_imgRelated posts:No related photos. UK business costs are the smallest in EuropeOn 24 Feb 2004 in Personnel Today Comments are closed. Despite claims that the UK has a ‘rip-off’ economy, it actually has thelowest business costs in Europe and is well-placed worldwide, new researchreveals. The 2004 Competitive Alternatives study identified the UK as having thelowest cost structure among seven major European nations and 11 otherindustrialised countries. The UK was also found to be the most competitive country in Europe and thirdoverall behind Canada and Australia, according to the study by consultantsKPMG. Surprisingly, the UK outperformed the US, and was found to be competitiveacross all industry sectors, including aerospace, telecommunications andpharmaceuticals. Ian Barlow, senior London partner at KPMG, said the UK and France had bothgained ground on other countries since the last survey in 2002. “Being cost-competitive is one of the fundamentals in securing inwardinvestment. However, selecting the best site for a business operation requiresbalanced consideration of factors including talent and skills, together withacademic support,” he said. While the survey found significant cost differences between countries forestablishing manufacturing and corporate service operations, the UK scored wellin both. It was also found to have favourable research and effective income taxrates. By Ross Wigham Previous Article Next Articlelast_img read more