The level of economic freedom in the United Kingdom is declining rapidly, according to the Economic Freedom of the World: 2009 Annual Report, released today by the Fraser Institute in conjunction with the Institute of Economic Affairs.
In a sharp fall, the United Kingdoms rank has dropped from 5th to joint 9th (with Australia) since last year. The UK has been overtaken by Chile, Ireland, the United States, and Canada.
The countrys overall score has dropped from 8.02 to 7.89. This reflects falls in the rating for Legal structures and security of property rights, Freedom to Trade Internationally and Regulation of Credit, Labor and Business - essential components of a successful market economy.