Brexit is a huge concern for businesses in every sector with a lot planning on packing their bags and moving overseas once Brexit does take effect. And with the mess that’s been made of the process so far, can you really blame them? However, the UK’s tech sector appears to be one of the lesser affected areas, although it is still seeing a lot of change.
Research from Tech Nation shows that the UK’s tech sector will have raised around £8.8 billion worth of investment by the end of 2019. Even with all the Brexit concerns this has gone up from £7 billion in 2018. Along with this, there is an estimated £802 million worth of foreign investment in the sector per month. Whether these trends will continue post-Brexit remains to be seen.
Businesses that rely on cross border data flows with members of the European Union are likely to be at risk. Some companies have stated their intentions on replacing lost EU workers with robots, which will set them back a fair chuck of change.
There are still many reasons why the UK will be an attractive prospect to foreign investors, regardless of whether a Brexit deal is reached. Things such as our established regulatory and industry eco system, our leading academic institutions and the English language itself. Of course, none of this could be the case, but there are still many reasons for the UK tech sector to be positive about post-Brexit. Although many people (including myself) are opposed to leaving with a no deal or leaving the EU at all for that matter, it appears so far that the UK tech sector will be one of the least affected sectors by Brexit.
Author of original article: Nicholas Fearn ITpro