According to ‘Outside Source’ via the BBC News Channel, the UK’s Tech Sector is growing at three times the pace of the rest of the UK economy. However, it is heavily reliant on easy access to investment and to high skilled workers. This is something the UK may potentially lose access to both. Especially with our exit from the European Union scheduled for 29th March.
Will Brexit deter highly skilled workers from the European Union?
The article suggests with the UK leaving the European Union, London and the UK, in general, may lose some of those high skilled tech workers to a visa regime that favours their skill set.
Although on the flip side, Facebook & Google are expanding in London. Companies that work alongside them, such as ones that utilise a google campus, are hoping for further fund availability. This would mean after the UK has left the EU, a level of growth will still be maintained and growth within the tech sector will still be encouraged.
With London having the 2nd largest ‘tech ecosystem’ in the world. It is important that the government ensure access remains unhindered to private equity and a highly skilled workforce from the EU and beyond. Especially when across Europe, the digital economy is actually growing at an even faster pace than the UK. Growing at five times the pace of the rest of the economy!
In the interview with ‘Outside Source’, Margot James, UK Minister for Digital & Creative Industries is confident the strength of the sector will provide the basis for future growth. Regardless of Brexit, it remains to be seen if this will materialise. What is for sure is the Tech sector is one that thrives on change, whatever the political weather.
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