The London Tech Week launches today to discuss the capital’s prospects. More than one hundred UK tech leaders comprising of founders, directors,and investors are urging the government to support a meaningful vote by the people on the Brexit’s actual terms.
The tech heads happen to be signatories to the intentions of Tech For UK, the new tech business group supporting anti-Brexit campaign group – Best For Britain. The campaign group is calling for a meaningful vote on the terms of the Brexit and the probability to “ Remain and lead in the EU”. More than fifty players in the tech industry have signed up.
Tech For UK is a representation of innovative business leaders in the UK who include Martha Lane Fox- co-founder of Lastminute.com, Gareth Edwards – travel player Deckchair.com among many others. The list also comprises Tech Community leaders such as Dr. Sue Black founder of TechMums, Conor Graham – co-founder of HackTheHub and Nuala Murphy the CEO OF Moment Health.
The Tech group says that the lack of access to European funds and the talent which propels the tech companies in the UK because of uncertainties surrounding immigration as well as lack of access to the Digital Single Market are some of the things that the Tech industry was never consulted over. These issues affect the UK Tech industry adversely.
Since the Brexit vote, there has been a collapse of funding from the European Investment Fund and the government is yet to guarantee the permanency of the replacement scheme. Additionally, there has been slashing of deals by the European Investment Bank which supports most of the UK’s VC funds. Unfortunately, there is no equivalent funding from the government in sight.
The technology sector has been on a fast and consistent growth compared to the UK economy and employs more than two million people while also attracting billions in foreign investment. Josh Russel, the co-founder of Partner of Resolve asserts that Tech For UK is lobbying for the vote because Tech For UK supporters has helped raise millions of pounds and injecting hundreds of millions back into the economy while also being keen to employ thousands of people.
The founder of Metafused says that the prevailing uncertainty has seen a sharp decline in the economy; the UK went from the fastest growing economy to the slowestgrowing in the EU after the Brexit. Additionally, the economy is expected to grow by only one percent in 2018. Thus, the Brexit has affected the UK economy to a great extent.