The Influence of Brexit on Tech Companies

brexitUK and Its Appeal to Tech Companies Analysed

Is it going to happen, or is it not? And what’s the deal with Teresa May withdrawing from the scene so theatrically? Today we are talking about Brexit and in what way this prolonged, perplexing and shape-shifting movement could potentially affect tech companies in the United Kingdom.

As it has been said and done multiple times before, by multiple experts and opinion takers, Brexit could conceivably affect numerous aspects of British economy. We will not be wasting your time on repeating those ominous and tiring predictions. Neither will we dilly dally on and on about the background and motives of the occurrence. Its roots are dug deep in the core of capitalism. Rather, we will be analysing the influence this currently stagnant withdrawal could pose onto the technological industry.

Getting to the Bottom of Things

Before we reach the problematic Brexit, let us for a moment focus on the fertility of the United Kingdom as a land for this area of business. Recently it has been revealed that one third of all European fastest-growing tech companies such as Google and Microsoft UK are headquartered in Britain. The study suggests that Britain has managed to surpass world leaders such as Germany in the number of entrepreneurs and goal-oriented, ambitious tech brands.

The now technically former prime minister has declared, “British tech is growing over one-and-a-half times faster than the rest of the economy, adding more
than £130bn to our economy every year.” Now those are some digits to take into account.

Namely, during the recently held London Tech Week, which is still underway, the privately held company BenevolentAI, made quite an appearance. The multi-billion company centres its research and expertise on developing cures for conditions such as Parkinson’s disease and Motor Neuron Diseases (MNDs).

Similarly, another company based in Oxford, Immunocore, focuses on developing a new category of cancer drugs which bridles the immune system to destroy tumours.

And while these giants aim to thrive, and are thus slowly but surely leaving the UK, certain brands have chosen to stay despite Brexit. On the other hand, there are still a handful of those maintaining the stance that remaining within the country would mean more venture profit for the brand for one reason or another. “Today, as we sit on the cusp of the next great industrial revolution, we have the opportunity to work together and ensure that the advances we see transform our world for the better, and for the benefit of everyone,” May commented. She also asserted that the Government would continue to wholeheartedly support the names that are staying.

Spreading like Fire

One of the numerous branches of technology that will per se suffer as a consequence of the vague happening in the country is gaming and entertainment. An abundance of gaming companies, as well as some of the world’s biggest casinos are slowly emigrating to Malta and elsewhere. The physical shift is but one shape of moving away from the indecisive island. Further outcome of the estrangement is yet to show itself.

At the end of the day, these speculations are there just for us to ponder upon. All we can actually do is observe and wait. The stage is continually being retaken by quite some characters, whose points of view necessarily differentiate from his or her predecessor’s. Who will have the upper hand in the end? Will it be the sceptics or the pro-Europeanists? Only time will tell.

Join the discussion