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Brexit: How has the tech sector reacted to the Leave Vote

by Simon Isherwood
Posted on: June 24th, 2016
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EU and UK Flags as puzzle pieces

Brexit: What will the future hold?

Some technology firms have seem shared prices fall immediately after the Leave vote was announced.

The UK, and in particular, London has championed technology firms for keeping the economy boyant. Hundreds of start-ups have bbenefited from the government Tech City initiative and both employees and customers have joined companies from EU member countries.

GB has been much hyped in terms of being able to possibly compete with Silicon Valley – hence the press coined the name of the London hub of “Silicon Roundabout”.

Earlier in 2016, the Tech City cluster of businesses reported that over 1.5 million people were employed in digital companies in the UK, with over 325,000 of those based in London. The digital economy has grown a 3rd faster than the whole of the UK economy as a whole

But does this success now hang in the balance? There are now concerns that this technology boom may slow down says one London based business.

“Over recent years, it’s been clear to anyone in technology that London has become a major technology centre – all the major tech companies have big offices in London.”
Mr Benvie, who employs 34 people, also told the BBC he was concerned because many of his staff are EU citizens or present in the UK via EU visas.

While he believes that trade will ultimately overcome boundaries, he said: “Uncertainty just does not help.”

 
   
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