UK leaves EU Brexit What Happens to UK Technology Sector

UK leaves EU What will happen next

 

Probably the most shocking news for the past few days is that UK leaves EU. A large number of technology enterprises have to decide for the future business plans. Share price of technology firms, such as TalkTalk and Sage, has decreased considerably. Both employees and customers have been plucked from EU member states due to UK leaves EU. A report from the TechUK institution argued that without the benefits of EU membership, the UK needs to be at its very best to succeed. However, things may be even harder than imagined. So far, EU funding has benefit lots of technology firms in the UK, especially start-ups.

UK leaves EU

UK leaves EU

UK leaves EU Different Views

Some researchers concern that the local market might slow down. They also pointed out that over recent years, it’s been clear to anyone in technology that London has become a major technology center. Owners of some small size technology firms are concerned because many of their staff are EU citizens or present in the UK by using EU visas. Hence trade will ultimately overcome boundaries. KPMG provides analysis about the influence of UK leaves EU on technology sector in the UK and found British technology sector will only increase in importance and works without borders. Some financial analysts said they will continue to focus the British technology sector as one that will keep grow and thrive. Some British residents argued that in the event of a Scottish independence referendum that leads to reunification with the EU, it’s possible some technology start-ups could move to north part of the UK.

UK leaves EU

UK leaves EU Influence on London

 

In early 2016, the Tech City cluster of businesses reported that over one million people were employed in digital films in the UK with the majority of them were in London. British smartphone firms may simply find it easier to migrate to hubs in the EU. Reports by economical institutions in the UK stated that the vast majority of large technology companies have invested in a presence around London area, and the Brexit vote does call into question whether that remains as a good business decision. Therefore, some London-based technology firms have to expand their business to other EU countries and regions, such as Germany. However, there is still many British technology firm CEOs believed that London would continue to be the center for global technology sector.

UK leaves EU

UK leaves EU

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