What Brexit would mean for UK Tech?

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Brexit is everywhere and everyone in Britain should care about the outcome.  Not only would it affect our economy, security and mobility to easily move from one EU country to another, it would unquestionably affect the tech and digital sectors if Britain leaves the EU.

According to this year’s Tech Nation report, Britain’s digital economy is accountable for 1.56 million jobs with 2.8x faster job creation than the rest of the country’s economy between 2011 and 2014 alone. The UK’s digital tech industries’ grew 32% faster than other sectors of the economy, with around £161 billion turnover accounted for between the same period.

This demonstrates the rapid growth in the technology space. Tech and digital jobs are no longer just in high-tech hubs around the country, but in a wide variety of businesses, in every sector. The digital sector is creating jobs, providing security and opportunities for working people, and as a result adding some £87 billion in economic growth.

Leaving the EU would limit workers ability to move within the European Union , especially those with special skill sets in the tech and digital sector.  Entrepreneurs could face setbacks starting new businesses in Britain, limiting big advancements in the tech sector. With less people setting up their businesses in the UK, we could face a nose dive in YoY turnover and economic growth.

One of the main issues for the UK tech and digital sectors is the recruitment of European tech talent and immigration. If the UK leaves the EU the free movement of workers within the Union ends, this could have a significant impact on the ability of UK tech and digital businesses to find and retain employees with the right skill sets from abroad.”  Jonathan Snade, Partner, Thomas Eggar (recently merged with Irwin Mitchell LLP)

This is especially true for Azimo, a London based Tech Company, whose total workforce includes 77% foreign talent adding to its cross-cultural diversity and thriving business. Azimo‘s CEO and founder, Michael Kent agrees that Brexit would stop the development of UK fintech, stating, “We’re 100% against Brexit. Leaving the EU will be harmful for UK fintech as it’s creating more borders, at a time when we need less. The fledgling fintech industry is currently booming in the UK. As a sector, we’re just getting started: Brexit would stop that development in its tracks.”

Conversely, UK talents would also struggle to go elsewhere not to mention that collaboration and knowledge sharing within the EU would be halted. Cut the long story short, it would be bad for the UK tech scene and we would be better off staying in the Union.

What do you think? Are you voting in or out? Leave a comment below or have a conversation with me on Twitter @gadgetsboy.

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About Author

I love gadgets and technology, so i write about them. +Tomi Adebayo

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