How Will Brexit Impact the UK Tech Sector?
Table of content
As the UK continues in the transition period and still obeys the EU rules, what does this mean for the tech sector? What does the UK look like post-Brexit? How will Brexit impact businesses? These questions have been looming over for a while now. Despite the continued uncertainties, the tech sector has been doing better than most amidst Brexit.
But, as a technology leader, the UK has been facing some serious issues. So, if you are a part of the tech sector in the Brexit era, here is what you need to know.
First, the VC funding for startups has become harder due to increased risks and lack of clarity. According to a survey by Global Tech Advocates, 68% of respondents cited Brexit as a number one obstacle for UK tech companies. The report shows, a quarter of respondents do not wish to invest in a British tech company for the next twelve months due to Brexit, and 55% would not want to expand their business to the UK.
Attracting and keeping talent is another huge obstacle that the UK tech companies are facing currently. According to a study by TopCV, 16% of UK tech employees said they were planning to leave their current job and the UK, with an aim to advance their career due to Brexit. Stating the consequences of this, Amanda Augustine, careers expert at TopCV said, “Hiring and retaining the right staff can be tough even in the steadiest of times. Employers will have to incentivise their employees and find creative ways to retain them. Also, because of new vacancy openings, Brexit can be an opportunity to advance their career for those wanting to break into the industry.”
The biggest threat of all is the UK’s risk of losing the place as a world leader in Artificial Intelligence. Until now, the UK has aggressively positioned itself as a pioneer in AI and it had well positioned itself to take full advantage of the opportunity. In fact, the UK ranks third in the world for its AI talent, research, and expertise, after the US and China and is certainly the European hub for AI excellence. While this could have been a jewel in the UK’s crown post-Brexit, the AI sector has been highlighted as at most risk. There is a threat that Brexit could impact the talent pool and investments in AI so severely that the UK loses its position as a world leader.
Cybersecurity skills gap could widen in the UK once the transition period is over. The tech sector will hire fewer employees from outside the country due to stricter border regulations. This means UK businesses will have to outsource their security management to third-party vendors due to skills shortage. As cyber-attacks continue to evolve, companies need skills in diverse areas of security, to stay ahead of the hackers. The only way for the UK to bridge this skills gap is to encourage the next generation to consider a career in cybersecurity.
Conclusion
As the transition period is already underway, tech businesses and startups need to understand that Brexit is going to be a long-term challenge that is not going to go away soon. Startups in the UK need to monitor the changes that come along with it and take necessary actions to keep up with the uncertainties. If you a technology partner to help you sail through this period of uncertainty, get in touch with us. Check out our digital solutions at the gatewaydigital.com or write to us at hello@thegatewaydigital.com.
Get in Touch
Related Blogs
Tekninen Velka – Kuinka Se Haittaa Kasvua ja Miten Sen Saa Hallintaan?
A Deep Dive into Product Engineering: Process, Roles, and Best Practices
What is Cyber Resilience? An In-Depth Guide
A Comprehensive Guide to Cloud Transformation
24 Emerging Software Development Trends Transforming 2024
Is AI Secure? Addressing Cybersecurity Risks with AI
How Is Cloud Computing Transforming Sustainable Healthcare in the Nordics?
Gateway Digital is Neste Napcon’s Partner in Creating Digital Learning Environments for the Process Industry
Tuotekehitysyhteistyön avulla joustavuutta ja kustannushyötyjä – Case School Day
Petteri paju vahvistamaan Gatewayn myyntiä
Top 6 Trends Transforming Logistics and Supply Chain in 2020
Why is it Important to Hire the Right Employees to Grow your Business?
Miten IT-alan ammattilaisten vaje näkyy Suomessa?
How Can Emerging Technology Facilitate Faster Start-up Growth?
The Need For Smart Logistic Planning: Takeaways From The Suez Canal Crisis
Gateway Digital AS and Retailtech strengthen their strategic partnership
Gateway Digital and Digitate enters strategic partnership
The DACH cloud computing industry in 2021 and beyond
Why Germany is home to the most innovative Tech Startups
Dataplattform för att identifiera bilreservdelar vinner pris inom hållbarhet
AWS vs GCP vs Microsoft Azure: Everything you need to know
Ensuring a higher ROI on your Technology Investment: Here’s How
Why the future of Startups & Scaleups depends on Technology Partner
Infographic: Elevate your Business with Augmented Supply Chain
Infographic: Empowering the Digital Healthcare Ecosystem
Infographic: Why Strategic Technology Partnerships are imperative for ISVs
Infographic: How PES is Empowering the Digital Healthcare landscape
Impact of Covid 19 on the Automotive Industry
How COVID-19 is Changing the Face of Digital Healthcare
Transform your Digital Journey with Strategic Technology Partnerships
Succeed your Business with Partnerships – The New Normal for Fintech!
Supply Chain Focus Areas to Mitigate COVID-19 Disruptions
How Digital Transformation is Redefining the Healthcare Industry
Benefits of Digitising Your Product Development Process
How to Develop a New Product (From Concept to Market)
How Automotive and Technology Experts See the Future of Connected Vehicles through Future Tech 5G Service
Industry Digitization will be Top Opportunity for 5G business solutions
5G Products & Solutions in 2023 & Beyond– What Should we expect from 5g network software?
Everything You Need to Know About 5G network as a service
Cloud Companies Chase Future in Cybersecurity ‘Wild West’
The Future of Lawyers: Legal Tech, AI, Big Data And Online Courts
Why Covid-19 Could Expedite the Role of RegTech in Finance
3 Elements For Success With Mobility As A Service In Our Cities
Digitalization is Upending Global Logistics
Mastering the Duality of Digital: How Companies Withstand Disruption
iGaming Technology Trends to Watch
73% Growth and Instant Blockbusters: How Online Gaming Industry Is Blowing Up During the Pandemic
The 5 Biggest Cybersecurity Trends In 2020 Everyone Should Know About
Why Cybersecurity Is Really A Business Problem
Technological Disruption or Next Industrial Revolution?
What Will Be The Future Success Of Fashion Retail In The Digital Age
The Banking Industry Is Spending Wildly on the Latest Tech
Disruption in Manufacturing: Managing Unexpected Risks
5 Manufacturing Tech Trends Poised To Disrupt Your Business
Digital Disruption in the Manufacturing Industry
Future Factory: How Technology Is Transforming Manufacturing
Five Ways the Internet of Things is Transforming Businesses Today
The Mobility-as-a-Service Market will Register a CAGR of Over 35% by 2023
3 Ways Every Company Should Prepare For The Internet Of Things
The Three Stages Of Cloud Transformation: Application, Network, Security
Cloud Computing Seen as Tech Haven Amid Pandemic Uncertainty
How Multi-Cloud and Digital Transformation Fit Together
8 Ways Cloud Is Transforming Business
Mixed Reality Finds Its Niche in Industrial and Business Applications
Virtual Reality is Making Marketing and Training More Effective for Businesses
What Leaders Need To Know About Augmented Reality
The 5 Biggest Virtual And Augmented Reality Trends In 2020 Everyone Should Know About
DevOps Model: The Role of Quality Assurance Redefined
Quality Engineering Has DevOps and Agile in the Driving Seat
How QA Can Support Businesses in the Journey of Digital Transformation
Quality Assurance Is Critical In Software Development And Increasingly Automated
Resolving Challenges of Auto ISVs with Fruitful Technology Partnerships
Resolve Fleet Management Challenges with Innovative Digital Automotive Solutions
Top 3 Factors Impacting Customer Satisfaction of Modern Car Buyers
Fleet Telematics Solution: Driving Great Business for Automotive Ecosystems
Top Supply Chain Tech Trends
How Artificial Intelligence Benefits Logistics and Supply Chain Management
Fleet Management in 2024 & Beyond: What Does the Future Look Like?
How to Identify a Trusted online iGaming Solutions Provider?
Mastering Enterprise Digital Transformation: Building Blocks of a Successful Strategy
Center of Excellence: Building Intelligent Solutions for the Enterprises of Tomorrow
Want to Succeed in Digital Transformation? Choose the Right Technology Partner
Customer Satisfaction in an Ever-Evolving iGaming Industry
How to Tackle Security Risks in Digital Transformation
The State of Legal Tech: What Every Legal Business Must Know
Legal Technology in 2020 and Beyond
Want to Succeed in Digital Transformation? Choose the Right Technology Partner
Fulfilling Customer Experiences in the Digital Era: How to Go About It
The Impact of COVID-19 on Digital Transformation
Taking the Pain Out of Application Modernization
Disruptions in Retail: Things Every Retailer Must Know!
Digital Transformation in Retail: Why Are Tech Collaborations Important?
The Benefits Of Applying Blockchain Technology In Any Industry
Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform
Signs You Need to Migrate and Modernize your Legacy Product
AI and ML in FinTech: Revolutionizing Banking and Financial Services
How to Remove Complexities in Applying Digital Transformation
Enterprise Mobility: More Than Just Mobile Devices
Principles of Agile Transformation
Why Agile Transformation?