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September 4, 2014

Technological innovation boosting UK profile

Nation congratulated for willingness to embrace new technologies, says WEF

By Vinod

The UK has been moved up the rankings of a major wellness indicator thanks in part to the country’s willingness to embrace new and innovative technologies.

The nation moved up to ninth place in the latest World Competitiveness Report, released by the World Economic Forum (WEF), which acts as a comparative guide to the productivity, competitiveness and prosperity of 144 countries around the world.

This is up one place from last year, and also places the UK as the fifth-highest ranking European nation in the report.

Overall, the UK ranked 5th in the world for the uptake of technology, with the WEF singling the country out for its willingness to adopt new technologies that would help to enhance productivity and its general business environment over the next few years.

The UK also came fourth in a poll of businesses asked about the availability of the latest technologies, behind Finland, the US and Norway. It was also ranked 9th overall in terms of the number of internet users and 7th for the number of fixed broadband users.

"The leading economies in the index all possess a track record in developing, accessing and utilising available talent, as well as in making investments that boost innovation," the report said.

"These smart and targeted investments have been possible thanks to a co-ordinated approach based on strong collaboration between the public and private sectors."

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The UK was also praised for reducing its public sector deficit and maintaining one of the most flexible labour markets in the developed world.

Switzerland and Singapore topped the WEF list, with the USA climbing two places to third.


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