UK continues to slip in quality of entrepreneurial environment, findings from Global Entrepreneurship Monitor
13 February 2024
The United Kingdom’s score in the National Entrepreneurial Context Index (NECI) continues to fall, according to the Global Entrepreneurship Monitor (GEM) 2023/2024 Report, released today in Morocco.
As part of the research, national experts in the UK were asked to assess the country’s Entrepreneurship Framework Conditions (EFCs). These assessments are the basis for an economy’s GEM NECI score. In 2020, the overall quality of the UK entrepreneurial environment was rated as just satisfactory, with a score of 5.0. Since then, that overall quality score has declined slowly each year. The 2023 score of 4.6 places the United Kingdom 22nd of 49 economies.
Since the pandemic, the United Kingdom has been part of an increasing group of high-income economies with an assessed overall entrepreneurial environment that has slipped from sufficient to less than sufficient. There were declines in nine of the 13 EFCs. Most of these changes were small, but the net effect was an overall reduction. The scores for the two different entrepreneurial finance EFCs have fallen over the last three years, surely a major concern for a leading international finance centre.
