Global economic freedom up slightly; UK ranks 10th among 159 jurisdictions
The UK’s ranking is unchanged from last year’s.
The index published in Economic Freedom of the World measures the degree to which the policies and institutions of countries are supportive of economic freedom. The cornerstones of economic freedom are personal choice, voluntary exchange, freedom to enter markets and compete, and security of the person and privately owned property. Forty-two data points are used to construct a summary index and to measure the degree of economic freedom in five broad areas:
1. Size of government: expenditures, taxes, and enterprises;
2. Legal structure and security of property rights;
3. Access to sound money;
4. Freedom to trade internationally;
5. Regulation of credit, labor, and business.
The United Kingdom scores in key components of economic freedom (from 1 to 10 where a higher value indicates a higher level of economic freedom):
- Size of government: is 6.19 – unchanged from last year’s report
- Legal system and property rights: is 7.82 – unchanged from last year’s report
- Access to sound money: is 9.75 – unchanged from last year’s report
- Freedom to trade internationally: is 8.28 – unchanged from last year’s report
- Regulation of credit, labour and business: is 7.59 – unchanged from last year’s report
The Fraser Institute produces the annual Economic Freedom of the World report in cooperation with the Economic Freedom Network, a group of independent research and educational institutes in nearly 100 nations and territories. It’s the world’s premier measurement of economic freedom, measuring and ranking countries in five areas: size of government, legal structure and security of property rights, access to sound money, freedom to trade internationally, and regulation of credit, labour and business.
See the full report at www.fraserinstitute.org/economic-freedom