The UK is listed in the top five countries in the G20 for entrepreneurs, but business and government need to do more to ensure that it retains its top rating, according to a report from EY.

The firm's G20 Entrepreneurship Barometer ranks countries on funding, culture, tax and regulation, education and training, and coordinated support.

The UK scores highly for a competitive tax system, business friendly regulations, skilled workforce and dynamic financial markets, while R&D spending beats the G20 average by over 0.2%. Domestic credit in the private sector, as a proportion of GDP, was almost double the G20 average - 209.5 compared to 99 in the G20.

However, 70% of UK entrepreneurs described access to funding as difficult and 75% reported that access to bank loans had deteriorated over the past three years. The UK also received its lowest score in the Barometer for 'coordinated support' from mentors, networks and business incubators, ranking 17th amongst the G20.

While one in two entrepreneurs surveyed across the G20 said that access to business incubators had improved over the past three years, only half as many felt the same in the UK, and 45% of UK respondents saw business incubators as the top initiative to boost the long-term growth of entrepreneurship in the country.

EY's survey found that 71% of entrepreneurs felt the UK had a culture that encourages entrepreneurship, compared to the G20 average of 57%.

Stuart Watson, partner and head of EY's UK Entrepreneur Of The Year Awards programme said: 'The foundations for a strong entrepreneurial ecosystem are already well established in the UK. But we shouldn't be complacent and can't rely purely on government. Government and business will need to work closely together to maintain a competitive financial and regulatory environment and develop an entrepreneurial culture in every aspect of business life.'