Posted on August 12, 2016 by staff

Brexit decision hits confidence in tech sector


The UK tech sector is worried that Brexit will impact growth over the next two years.

A report by techUK found that 70 per cent of 237 UK tech executives polled are “overall positive” about the potential for growth.

However that was down from 93 per cent in March, before the referendum took place.

The digital sector has been a success story for UK industry in recent years, with clusters springing up around the country.

Julian David, CEO of techUK, said: “UK tech is resilient and innovative but this substantial drop in confidence clearly demonstrates the need to be vigilant to immediate and pressing concerns faced by tech companies.

“To maintain the sector’s exceptional growth rate they need to be confident that they will have access to the digital single market, a talented workforce and that international data flows will be protected.

“Our members are also very clear that there is also an opportunity for the UK. Now is the time to develop a world-leading digital infrastructure, and make the UK the place to invest and grow.

“Government must power this digital revolution.”

The survey also found that 49 per cent of executives believed Brexit would have a detrimental impact on foreign direct investment over the next two years while 48 per cent said capital investment and R&D spend in the UK would also take a hit.

techUK has launched a Brexit unit to reduce the impact of the referendum decision on the tech sector.