The economy of the United Kingdom (U.K.) is 79.5 percent free, according to our 2008 assessment, which makes it the world's 10th freest economy. Its overall score is 0.5 percentage point lower than last year, reflecting worsened scores in four of the 10 economic freedoms. The U.K. is ranked 3rd out of 41 countries in the European region, and its overall score is much higher than the regional average.
The U.K. scores extraordinarily well in investment freedom, trade freedom, financial freedom, property rights, business freedom, and freedom from corruption. The average tariff rate is low, despite distortionary EU agricultural tariffs, and business regulation is efficient. Almost all commercial operations are simple and transparent, and support for private enterprise is a world model. Inflation is fairly low, and the business climate attracts foreign investment. The financial sector is a world hub. The judiciary is independent and highly trained. Corruption is almost nonexistent, and the labor market is notably flexible.
The U.K. scores far below the world average in government size and fiscal freedom. Total government spending equals more than two-fifths of GDP, and tax revenue and rates are very high.
This artcle shows the amount of freedom that the U.K.'s economy has in comparison to the rest of the world.
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