The credit card protection plan (CPP) was introduced in India recently. How long has it been available in the UK? How has the response been?
The concept of plastic card protection has been around for 30 years or so. It originated in the US and then went to the UK. Since then it has moved around the world.
CPP is an essential accessory for someone who carries any form of plastic—debit, credit, loyalty or membership card. We are there to support consumers if they lose their wallet or misplace their card.
The response has been outstanding in the UK. You can look at 60 per cent of the UK market [including past and present users].
Why was CPP launched in India?
Roughly, there are 150 million bankable customers in India and the number is growing. So, strategically, India is a very important market for us. The 150 million bankable customers in India are using around 125 million debit and credit cards. That, on an average, is under one card per person. In the UK, only 50 million bankable customers would be using around 140 million pieces of plastic [debit and credit cards].
What’s the reason behind this?
The reason is the stage of development of the plastic market in the UK compared to India. Over the next 5-10 years, we see two things happening in India. First, the number of cards per bankable customer will increase from less than one to around three. Second, rise in the number of bankable customers with the growth in the Indian economy and the financial services sector that supports it.
Due to the current financial turbulence, banks have tightened their credit appraisal process for issuing cards. This was not so, say, two to three years back. In this scenario, what do you have to say about the growth of plastic in India?
Effectively, we are a service company; we are not a bank or a financial services company. What you are seeing now [as a result of the economic environment] is the increased level of caution on the part of banks with respect to consumer finance. The number of new cards issued at present is much lower than what it was one to two years ago. But, still many customers do not have CPP. The number of new cards issued over the next 12-24 months would be less than normal. But once the economy begins to move up, the growth of card issuance will resume to its former level.
How has the response been in India?
The response has been excellent. We are around three months old in India. We are working with four leading banks now. We are in discussions with other banks, too.
After the launch in India, how many enquiries did you get?
The operations in India are at a very nascent stage and it will not be right to share the numbers at the moment. In the UK, we currently have around 5 million customers. The UK market is a fraction of the size that the Indian market will become. Already, there are 150 million customers in India compared to the 50 million customers in the UK. We foresee the Indian market to become as big as the UK market.
As of now, CPP India has tied up with Citibank, Standard Chartered Bank, Kotak Mahindra Bank and HSBC. Are you looking at more partnerships in the future?
Primarily, we partner with debit and credit card issuers, but we are also open to store value card issuers, retail companies or insurance companies. In the years to come, we hope to be a product in every bank’s portfolio.
CPP can be bought from one of the four partner banks or from CPP India directly. Which route is more advisable?
We have a website for our India operations, so customers can come to us directly. We also have a contact centre in India. Instead of spending money on marketing and brand development directed towards the consumer, we pay our partners a commission so that they use their distribution channels to promote our product. You can buy the product directly from us, but it’s not our primary distribution method. Going through our partner banks is a better option.
How do you plan to educate potential customers?
Our bank partners advertise the product through their channels. CPP is not a difficult product to describe. Everybody understands what can happen if they lose their card. Also, it’s an inexpensive assistance product. The communication will be a combination of background awareness, advertising by our partners and direct mailing. There will be specific communication via telephone as well.
What other measures can a card-holder take to avoid misuse of the card?
First, do not let the card out of your possession. Make sure you’ve signed it. I am still amazed how often people write down their PIN number on a piece of paper and keep it in their wallet. Also, if you feel that your card could be misused at a particular merchant establishment, don’t use it there. If the issuing bank offers a specific security feature [like authorisation to process a transaction above a specific limit], opt for it. Research, however, shows that when people steal a card, they tend to use it for small purchases because it is easier to escape detection. As a result, you need to report the loss of a card as quickly as possible. Do not wait for a few hours, because that’s when the fraud occurs. There is plenty of research to show that fraud on the card happens in the first 3-5 hours of the loss of the card.
CPP sets a pre-notification limit. In case misuse of a lost card results in a loss that is more than this limit, how much would CPP India refund? How long would it take to do so?We generally process claims within 14 days. We would only refund up to the limit. We use the limit to establish joint responsibility with the consumer. If there was no pre-notification limit, the consumer would not be in a hurry to report the loss thinking he is covered for an unlimited amount. This would not be reasonable to us.
How To Take Card Protection?
Call 6000-4000 (prefix city code if calling from a mobile)
Choose your preferred plan
Register your cards
Membership annual
Fee for single ownership of a classic card is Rs 995 and a premium card is Rs 1,295
Fee for joint holding of a classic card is Rs 1,495 and a premium card is Rs 1,945
Source
Showing posts with label USA. Show all posts
Showing posts with label USA. Show all posts
Saturday, July 4, 2009
Friday, May 1, 2009
World's top 10 buyers & producers of gold
Gold has held mankind enraptured since time immemorial. It has been prized for its beauty, easy workability, indestructibility, and value.
The average global demand for gold in the past 10 years has been mainly for jewellery at 76 per cent, followed by industrial applications of 14 per cent and 10 per cent for investors. The available gold supply is from new mining, reclaimed scrap, official or new bank sales and gold loans made from official reserves.
There are five international gold trading centres: New York, London, Zurich, Tokyo and Hong Kong.
But who are the world's largest buyers and producers of gold?
India, world's number one buyer of gold!
The craze for the yellow metal in India is phenomenal. It has traditionally been the world's largest consumer of gold. India buys an average of 800 tonnes of gold every year and its total jewellery market is worth more than $20 billion.
However, in recent times the demand for gold in India has waned slightly, with the price of the precious metal zooming to record highs. Yet, the country remains the largest buyer of gold, at 770 tonnes in 2007.
China: 2nd largest buyer; number one producer
Beijing has gold holdings of 1,054 tons, up from 600 tons in 2002, and still wants to buy more gold.
China produced 280.5 tons of gold in 2007, making it the world's number one producer of the precious metal.
China is also the world's second largest buyer of gold. It bought 328 tons of gold in 2007.
USA: 3rd largest buyer; 4th largest producer
The United States of America is the world's third highest buyer of gold. In 2007, it purchased 275 tons of the yellow metal.
However, the US is also the world's fourth largest producer of gold. In 2007, it produced 240 tons of gold.
Turkey: 4th largest buyer
Turkey is the world's fourth largest buyer of gold. In 2007, it bought 250 tons of the precious metal.
Saudi Arabia: 5th largest buyer
Saudi Arabia purchased tons of gold in 2007, making it the world's fifth largest buyer of gold.
UAE: 6th largest buyer
The United Arab Emirates is the sixth largest gold-buyer at 107.2 tons (figures pertain to 2007).
Russia: 7th largest buyer; 6th largest producer
The world's seventh largest buyer of gold is Russia. In 2007, Moscow procured 85.6 tons of gold.
Russia is also a big producer of gold. In fact, it is the world's sixth largest gold-producer. In 2007, it produced 169.2 tons of gold.
Vietnam: 8th largest buyer
Vietnam bought 77.5 tons of gold in 2007, making it the world's eighth largest gold-buyer.
Egypt: 9th largest buyer
Egypt follows in the ninth position. In 2007, it procured 69 tons of gold making it one of the biggest gold-buyers in the world.
Italy: 10th largest buyer
Italy is the tenth largest buyer of gold in the world. In 2007, it purchased 59.2 tons of the yellow metal.
South Africa: 2nd largest producer
South Africa is the world's second largest producer of gold after China. In 2007, it produced 270 tons of gold.
Australia: 3rd largest producer
Australia is the world's third largest producer of gold. In 2007, it produced 246.3 tons of gold.
Peru: 5th largest producer
Peru produced 170 tons of gold in 2007, making it the world's fifth largest producer of gold. The United States is the world's fourth largest gold-producer
Indonesia: 7th largest producer
Having produced 146.7 tons of gold in 2007, Indonesia is the world's seventh largest producer of gold. Russia is the world's 6th largest producer of gold.
Canada: 8th largest producer
Canada follows Indonesia in gold production at 101.2 tons (figures pertain to 2007), making it the world's eighth largest producer of gold.
Uzbekistan: 9th largest producer
Uzbekistan is the ninth largest gold-producer in the world. In 2007, it produced 75.3 tons of gold.
Ghana: 10th largest producer
At 75 tons of gold production in 2007, Ghana is marginally behind Uzbekistan. Ghana is the world's tenth largest producer of gold.
Source
The average global demand for gold in the past 10 years has been mainly for jewellery at 76 per cent, followed by industrial applications of 14 per cent and 10 per cent for investors. The available gold supply is from new mining, reclaimed scrap, official or new bank sales and gold loans made from official reserves.
There are five international gold trading centres: New York, London, Zurich, Tokyo and Hong Kong.
But who are the world's largest buyers and producers of gold?
India, world's number one buyer of gold!
The craze for the yellow metal in India is phenomenal. It has traditionally been the world's largest consumer of gold. India buys an average of 800 tonnes of gold every year and its total jewellery market is worth more than $20 billion.
However, in recent times the demand for gold in India has waned slightly, with the price of the precious metal zooming to record highs. Yet, the country remains the largest buyer of gold, at 770 tonnes in 2007.
China: 2nd largest buyer; number one producer
Beijing has gold holdings of 1,054 tons, up from 600 tons in 2002, and still wants to buy more gold.
China produced 280.5 tons of gold in 2007, making it the world's number one producer of the precious metal.
China is also the world's second largest buyer of gold. It bought 328 tons of gold in 2007.
USA: 3rd largest buyer; 4th largest producer
The United States of America is the world's third highest buyer of gold. In 2007, it purchased 275 tons of the yellow metal.
However, the US is also the world's fourth largest producer of gold. In 2007, it produced 240 tons of gold.
Turkey: 4th largest buyer
Turkey is the world's fourth largest buyer of gold. In 2007, it bought 250 tons of the precious metal.
Saudi Arabia: 5th largest buyer
Saudi Arabia purchased tons of gold in 2007, making it the world's fifth largest buyer of gold.
UAE: 6th largest buyer
The United Arab Emirates is the sixth largest gold-buyer at 107.2 tons (figures pertain to 2007).
Russia: 7th largest buyer; 6th largest producer
The world's seventh largest buyer of gold is Russia. In 2007, Moscow procured 85.6 tons of gold.
Russia is also a big producer of gold. In fact, it is the world's sixth largest gold-producer. In 2007, it produced 169.2 tons of gold.
Vietnam: 8th largest buyer
Vietnam bought 77.5 tons of gold in 2007, making it the world's eighth largest gold-buyer.
Egypt: 9th largest buyer
Egypt follows in the ninth position. In 2007, it procured 69 tons of gold making it one of the biggest gold-buyers in the world.
Italy: 10th largest buyer
Italy is the tenth largest buyer of gold in the world. In 2007, it purchased 59.2 tons of the yellow metal.
South Africa: 2nd largest producer
South Africa is the world's second largest producer of gold after China. In 2007, it produced 270 tons of gold.
Australia: 3rd largest producer
Australia is the world's third largest producer of gold. In 2007, it produced 246.3 tons of gold.
Peru: 5th largest producer
Peru produced 170 tons of gold in 2007, making it the world's fifth largest producer of gold. The United States is the world's fourth largest gold-producer
Indonesia: 7th largest producer
Having produced 146.7 tons of gold in 2007, Indonesia is the world's seventh largest producer of gold. Russia is the world's 6th largest producer of gold.
Canada: 8th largest producer
Canada follows Indonesia in gold production at 101.2 tons (figures pertain to 2007), making it the world's eighth largest producer of gold.
Uzbekistan: 9th largest producer
Uzbekistan is the ninth largest gold-producer in the world. In 2007, it produced 75.3 tons of gold.
Ghana: 10th largest producer
At 75 tons of gold production in 2007, Ghana is marginally behind Uzbekistan. Ghana is the world's tenth largest producer of gold.
Source
Friday, February 27, 2009
The world's 10 freest economies
The level of economic freedom in the world has continued to grow over the last year, with 83 economies representing every region posting gains in the 15th annual Index of Economic Freedom, says a study jointly done by The Heritage Foundation and The Wall Street Journal.
And what are free economies? Well, economies classified as 'free' or 'mostly free' do a much better job in promoting human development, reducing poverty and protecting the environment. According to the study, economic freedom is strongly related to good economic performance.
Per capita incomes are much higher in countries that are economically free, says the study. Economies rated 'free' or 'mostly free' in the 2009 Index enjoy incomes that are more than double the average levels in all other countries, it adds.
The ten components of economic freedom are: business freedom, trade freedom, fiscal freedom, government size, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labour freedom. So which are the world's freest economies?
India
India ranks 123rd out of 179 countries in the list; and in placed under the category 'mostly unfree'. India's economic freedom score is 54.4.
The study says India continues to move forward slowly with market-oriented economic reforms. It highlights that India had achieved a growth of about 8 per cent over the past five years, and is a leader in information technology and business process outsourcing. It scores on government size, labour freedom, and property rights.
India could improve in business freedom, trade freedom, financial freedom, investment freedom, and freedom from corruption.
Foreign investment is overly regulated, and the judicial system is burdened by backlogs.
Public debt and fiscal deficit also continues to grow. Starting a business takes an average of 30 days in India. Corruption is rampant in India.
The tax rates are high. Inflation is moderately high, averaging 6.1 percent between 2005 and 2007.
Hong Kong
Hong Kong's economic freedom score is 90, making it the freest economy in the 2009 Index. The study sees improvement in fiscal, trade and business freedom.
Hong Kong is known for its openness to global trade and investment.
The study highlights the entrepreneurial activity in Hong Kong which leads to such prosperity.
One of the world's leading financial hubs, the country is known for transparent and efficient regulation of banking and financial services.
Hong Kong's tax rates are among the lowest in the world. Business regulation is straightforward, and the labour market is flexible.
Starting a business takes less than half the world average of 38 days. Inflation is low, averaging 1.9 per cent between 2005 and 2007.
Property rights are protected by an independent judiciary, says the The Heritage Foundation study.
GDP (PPP): $267.8 billion
Singapore
Singapore's economic freedom score is 87.1, making its economy the 2nd freest in the 2009 Index.
The index highlights Singapore's openness to global trade and investment.
The economy has seen a consistent growth rate averaging over 6 per cent in recent years. Singapore has an ideal business environment and high level of entrepreneurial activity.
Regulations are good and promote business. Commercial operations are conducted with transparency and speed. Corruption hardly exists in Singapore. Starting a business takes four days in Singapore.
Inflation is low, averaging 1.7 per cent between 2005 and 2007.
GDP (PPP): $200.5 billion
Australia
With economic freedom score of 82.6, Australia is the 3rd freest in the 2009 Index. Australia scores high in almost all of the 10 'economic freedoms'.
Monetary stability, openness to global trade, competitive financial and investment environment are the highlights of Australia's strong economy.
Property rights are well protected, businesses enjoy flexibility in their licensing, regulation, and employment practices. Starting a business takes only two days.
Australia has a moderate corporate tax rate. Inflation stands at an average of 2.7 per cent between 2005 and 2007. Corruption is minimal.
GDP (PPP): $735.9 billion
Ireland
Ireland is the 4th freest in the 2009 Index with a economic freedom score of 82.2. Ireland's economy is open to global trade and investment.
It has an efficient business environment, attract huge foreign investment. Ireland scores high on financial freedom and freedom from corruption.
Financial markets are transparent. Property rights are protected by an efficient, independent judiciary. The corporate tax rate is a competitive 12.5 per cent.
Starting a business takes an average of 13 days in Ireland. Inflation stands at a low of 2.8 per cent between 2005 and 2007.
GDP (PPP): $171.9 billion
New Zealand
New Zealand, one of the most prosperous economies comes at the fifth position with an economic freedom score of 82.
The economic liberalisation in the 1980s and 1990s had deregulated its economy.
New Zealand's economy gets its boost from the agricultural sector, a strong manufacturing base and booming tourist industry.
Starting a business is very easy here, it just takes a day! Inflation is at 2.7 per cent between 2005 and 2007. However, New Zealand has high tax rates.
GDP (PPP): $106.8 billion
United States
The world's largest economy is ranked 6th in terms of economic freedom with a score of 80.7.
The US economy strength lies in business freedom, investment freedom, financial freedom, property rights, freedom from corruption, and labour freedom.
The regulatory and legal framework boosts entrepreneurship. Financial markets are open to foreign competition and are dynamic and modern.
The judiciary is independent and of high quality. The economy lags in fiscal freedom and government size. Corporate and personal taxes are high. But starting a business takes only six days.
Inflation is low, averaging 3.0 per cent between 2005 and 2007.
GDP (PPP): $13.2 trillion
Canada
Canada scores very high in eight of the 10 'economic freedoms'.
It leads in business freedom, property rights, and freedom from corruption. The process for conducting a business is transparent and offers a good environment for entrepreneurial activity.
Canada lags behind the world average only in size and expense of government. Canada has elaborate social and welfare state programs that raise government's expenses.
Starting a business takes an average of five days, Canada has moderate tax rates. Inflation is low, averaging 2.1 per cent between 2004 and 2006.
GDP (PPP): $1.2 trillion
Denmark
Denmark is the 8th freest economy in the 2009 Index. With a economic freedom score of 79.6, Denmark scores high on eight of the 10 components of economic freedom.
The economy is open to foreign investment and trade. The regulations are transparent and efficient. Denmark also has an efficient and independent judiciary.
While the corporate tax rate is one of the lowest among members of the European Union, personal income taxes are very high, and the overall tax burden is significant, states the study.
There are few state-owned industries, but government spending equals over 50 percent of GDP. Starting a business takes an average of six days. Inflation is low, averaging 1.8 per cent between 2005 and 2007.
GDP (PPP): $194.0 billion
Switzerland
One of the world's richest and most investment-friendly nations, Switzerland has a economic freedom score of 79.4, making its economy the 9th freest in the 2009 Index.
Switzerland has one of the most competitive and flexible economies in the world. It boasts of an efficient business environment and high entrepreneurial activity.
The labour market is flexible. Switzerland has highly developed and well-regulated financial institutions. The economy is open to foreign investment and restriction apply only to few sectors.
The judiciary is independent and reliable. Starting a business takes 20 days here. Inflation is very low, averaging 0.9 per cent between 2005 and 2007
GDP (PPP): $278.6 billion
United Kingdom
The United Kingdom's economic freedom score is 79, making its economy the 10th freest in the 2009 Index. The economy is open to global trade and investment.
It scores very high on investment freedom, financial freedom, property rights, business freedom, freedom from corruption, labour freedom and trade freedom.
The average tariff rate is low and regulation is efficient. There are few restrictions on foreign investment. The financial system is well developed and the judiciary is independent and reliable.
Property rights are well enforced and contracts are secure. The UK ranks below the world average only in fiscal freedom and government size.
The disadvantage here is the high income tax. Starting a business takes 13 days. Inflation is low, averaging 2.3 per cent between 2005 and 2007.
Source
And what are free economies? Well, economies classified as 'free' or 'mostly free' do a much better job in promoting human development, reducing poverty and protecting the environment. According to the study, economic freedom is strongly related to good economic performance.
Per capita incomes are much higher in countries that are economically free, says the study. Economies rated 'free' or 'mostly free' in the 2009 Index enjoy incomes that are more than double the average levels in all other countries, it adds.
The ten components of economic freedom are: business freedom, trade freedom, fiscal freedom, government size, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labour freedom. So which are the world's freest economies?
India
India ranks 123rd out of 179 countries in the list; and in placed under the category 'mostly unfree'. India's economic freedom score is 54.4.
The study says India continues to move forward slowly with market-oriented economic reforms. It highlights that India had achieved a growth of about 8 per cent over the past five years, and is a leader in information technology and business process outsourcing. It scores on government size, labour freedom, and property rights.
India could improve in business freedom, trade freedom, financial freedom, investment freedom, and freedom from corruption.
Foreign investment is overly regulated, and the judicial system is burdened by backlogs.
Public debt and fiscal deficit also continues to grow. Starting a business takes an average of 30 days in India. Corruption is rampant in India.
The tax rates are high. Inflation is moderately high, averaging 6.1 percent between 2005 and 2007.
Hong Kong
Hong Kong's economic freedom score is 90, making it the freest economy in the 2009 Index. The study sees improvement in fiscal, trade and business freedom.
Hong Kong is known for its openness to global trade and investment.
The study highlights the entrepreneurial activity in Hong Kong which leads to such prosperity.
One of the world's leading financial hubs, the country is known for transparent and efficient regulation of banking and financial services.
Hong Kong's tax rates are among the lowest in the world. Business regulation is straightforward, and the labour market is flexible.
Starting a business takes less than half the world average of 38 days. Inflation is low, averaging 1.9 per cent between 2005 and 2007.
Property rights are protected by an independent judiciary, says the The Heritage Foundation study.
GDP (PPP): $267.8 billion
Singapore
Singapore's economic freedom score is 87.1, making its economy the 2nd freest in the 2009 Index.
The index highlights Singapore's openness to global trade and investment.
The economy has seen a consistent growth rate averaging over 6 per cent in recent years. Singapore has an ideal business environment and high level of entrepreneurial activity.
Regulations are good and promote business. Commercial operations are conducted with transparency and speed. Corruption hardly exists in Singapore. Starting a business takes four days in Singapore.
Inflation is low, averaging 1.7 per cent between 2005 and 2007.
GDP (PPP): $200.5 billion
Australia
With economic freedom score of 82.6, Australia is the 3rd freest in the 2009 Index. Australia scores high in almost all of the 10 'economic freedoms'.
Monetary stability, openness to global trade, competitive financial and investment environment are the highlights of Australia's strong economy.
Property rights are well protected, businesses enjoy flexibility in their licensing, regulation, and employment practices. Starting a business takes only two days.
Australia has a moderate corporate tax rate. Inflation stands at an average of 2.7 per cent between 2005 and 2007. Corruption is minimal.
GDP (PPP): $735.9 billion
Ireland
Ireland is the 4th freest in the 2009 Index with a economic freedom score of 82.2. Ireland's economy is open to global trade and investment.
It has an efficient business environment, attract huge foreign investment. Ireland scores high on financial freedom and freedom from corruption.
Financial markets are transparent. Property rights are protected by an efficient, independent judiciary. The corporate tax rate is a competitive 12.5 per cent.
Starting a business takes an average of 13 days in Ireland. Inflation stands at a low of 2.8 per cent between 2005 and 2007.
GDP (PPP): $171.9 billion
New Zealand
New Zealand, one of the most prosperous economies comes at the fifth position with an economic freedom score of 82.
The economic liberalisation in the 1980s and 1990s had deregulated its economy.
New Zealand's economy gets its boost from the agricultural sector, a strong manufacturing base and booming tourist industry.
Starting a business is very easy here, it just takes a day! Inflation is at 2.7 per cent between 2005 and 2007. However, New Zealand has high tax rates.
GDP (PPP): $106.8 billion
United States
The world's largest economy is ranked 6th in terms of economic freedom with a score of 80.7.
The US economy strength lies in business freedom, investment freedom, financial freedom, property rights, freedom from corruption, and labour freedom.
The regulatory and legal framework boosts entrepreneurship. Financial markets are open to foreign competition and are dynamic and modern.
The judiciary is independent and of high quality. The economy lags in fiscal freedom and government size. Corporate and personal taxes are high. But starting a business takes only six days.
Inflation is low, averaging 3.0 per cent between 2005 and 2007.
GDP (PPP): $13.2 trillion
Canada
Canada scores very high in eight of the 10 'economic freedoms'.
It leads in business freedom, property rights, and freedom from corruption. The process for conducting a business is transparent and offers a good environment for entrepreneurial activity.
Canada lags behind the world average only in size and expense of government. Canada has elaborate social and welfare state programs that raise government's expenses.
Starting a business takes an average of five days, Canada has moderate tax rates. Inflation is low, averaging 2.1 per cent between 2004 and 2006.
GDP (PPP): $1.2 trillion
Denmark
Denmark is the 8th freest economy in the 2009 Index. With a economic freedom score of 79.6, Denmark scores high on eight of the 10 components of economic freedom.
The economy is open to foreign investment and trade. The regulations are transparent and efficient. Denmark also has an efficient and independent judiciary.
While the corporate tax rate is one of the lowest among members of the European Union, personal income taxes are very high, and the overall tax burden is significant, states the study.
There are few state-owned industries, but government spending equals over 50 percent of GDP. Starting a business takes an average of six days. Inflation is low, averaging 1.8 per cent between 2005 and 2007.
GDP (PPP): $194.0 billion
Switzerland
One of the world's richest and most investment-friendly nations, Switzerland has a economic freedom score of 79.4, making its economy the 9th freest in the 2009 Index.
Switzerland has one of the most competitive and flexible economies in the world. It boasts of an efficient business environment and high entrepreneurial activity.
The labour market is flexible. Switzerland has highly developed and well-regulated financial institutions. The economy is open to foreign investment and restriction apply only to few sectors.
The judiciary is independent and reliable. Starting a business takes 20 days here. Inflation is very low, averaging 0.9 per cent between 2005 and 2007
GDP (PPP): $278.6 billion
United Kingdom
The United Kingdom's economic freedom score is 79, making its economy the 10th freest in the 2009 Index. The economy is open to global trade and investment.
It scores very high on investment freedom, financial freedom, property rights, business freedom, freedom from corruption, labour freedom and trade freedom.
The average tariff rate is low and regulation is efficient. There are few restrictions on foreign investment. The financial system is well developed and the judiciary is independent and reliable.
Property rights are well enforced and contracts are secure. The UK ranks below the world average only in fiscal freedom and government size.
The disadvantage here is the high income tax. Starting a business takes 13 days. Inflation is low, averaging 2.3 per cent between 2005 and 2007.
Source
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