Brexit-related concerns sojourn pivotal for UK tech, says UK gov report

Two out of a tip 3 hurdles confronting tech companies in a UK’s tip dual tech clusters are associated to Brexit, according to a UK government-backed report, and for many of a rest of a country.

That during slightest is a usually probable end from a recover currently of Tech Nation 2018, a UK’s annual state of a nation’ news on a country’s tech sector. This year’s consult interviewed 3,428 people members of a UK tech community, including founders and workers in tech companies, though has been heavily spun to de-emphasise a effects of Brexit on a UK tech industry.

The news settled that a tip 3 hurdles in London and Cambridge (which contains a world-renowned ‘Silicon Fen’ tech cluster) were:

1. Access to talent (which will be influenced by immigration manners before and after Brexit)
2. Cost of living
3. Brexit

Cambridge’s were:
1. Cost of living
2. Access to talent (again, influenced by Brexit)
3. Brexit

Outside of London, once again, dual out of a tip 3 categorical concerns would be influenced by how immigration will play out before and after Brexit.

In a rest of a country, entrance to talent was cited as a many common plea – inspiring 83% of a UK’s informal tech clusters. Access a appropriation was a tip 3 plea in 49% of clusters and bad ride links were also cited.

Funding is clearly also Brexit-related, given that appropriation from a European Investment Fund has collapsed given a Brexit vote.

The European Investment Bank has slashed deals with UK VCs and private equity groups by some-more than two-thirds, with no homogeneous appropriation from a UK supervision in sight.

The vast cut pushed a UK out of a tip mark during a categorical target of EU try funding, that is a singular largest source of early-stage collateral in Europe. France and Germany have now overtaken a UK as a categorical recipients of collateral from a European Investment Bank. UK VCs have voiced concern that a detriment of EIF appropriation will have a “significant” impact on funds.

However, we substantially won’t get that sense from a approach a news is being pitched to a media during a intemperate launch in a centre of London today. Instead, a news is filled with heady statistics about a UK’s sepulchral tech industry.

The news also creates positively no discuss of a outcome of a UK withdrawal a EU’s Digital Single Market.

Despite dampening down a outcome of Brexit on a UK tech industry, a news infrequently highlights that tech companies contingency continue to pull talent from outward a UK, even as a UK supervision continues to disagree about what kind of Brexit it wants and has been inextricable with a Windrush immigration scandal.

The Tech Nation consult found London tech startups have a fourth many ubiquitous workforce in a world, behind Singapore, Berlin and Chicago, with 54% of workers innate outward a UK.

In other words, with over half of London tech workers innate outward a UK, Brexit and a impact of a destiny immigration standing of much-needed tech talent will continue to shroud a whole issue.

The news also found that some-more black, Asian and secular minority workers are employed in London’s tech stage than opposite a UK in ubiquitous (15% v 10%).

It will frequency be of any succour them afterwards that a recent report by a United Nations ‘special rapporteur’ on injustice found that Brexit has contributed to an sourroundings of increasing secular taste and intolerance. Other UK-based reports contend there’s been a pointy arise in reported hatred crimes given a EU referendum.

And over 1,000 immature Eastern Europeans who took partial in investigate by researchers from a universities of Strathclyde, Plymouth and Durham, found increasing levels of injustice and xenophobia in their neighbourhoods given a Brexit Referendum.

Hardly a welcoming sourroundings Britain needs to fill a many jobs in tech right now.

The rest of a Tech Nation news outlines how a UK’s vast tech industry, that has benefitted from a entrance to talent afforded by EU membership, continues to grow. However, a news can frequency explain autonomy from supervision given it was launched and corroborated by HMG’s Digital Secretary Matt Hancock.

The report’s serve claims, that are not exclusively verified, include:

  • The UK was in a tip 3 countries in a universe for sum collateral invested in digital tech companies in 2017, behind a US and China.
  • UK tech companies have some-more unfamiliar business than companies in Silicon Valley. In London, 33% of tech association business are formed outward a UK, compared to 30% in Silicon Valley and 7% in Beijing.
  • Digital tech companies in London are “the many connected in Europe”, second usually to Silicon Valley for ubiquitous connections. Twenty-five per cent of entrepreneurs opposite a universe news carrying a poignant attribute with dual or some-more entrepreneurs in London, compared to 33% for Silicon Valley.
  • London tech startups have a fourth many ubiquitous workforce in a world, behind Singapore, Berlin and Chicago, with 54% of workers innate outward a UK.
  • Tech communities opposite a UK are “highly optimistic” about a expansion prospects for digital tech companies in their internal area, both in terms of scale and series of businesses
  • Tech is expanding 2.6x faster than a rest of a UK economy
  • Turnover of digital tech companies grew by 4.5% between 2016-17 compared to UK GDP that grew by 1.7% over a same period
  • Digital tech zone value scarcely £184bn to UK economy, adult from £170bn in 2016

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