How Brexit will impact the science and technology industry
Policy, regulation, trade, and science funding will all be hit by the UK’s decision to leave the EU
The United Kingdom has voted to leave the European Union.
Prime minister David Cameron has stated his intention to step-down from the role in three months, but said Article 50, which would legally invoke leaving Europe, would not be enacted immediately.
The responsibility for invoking the Article will fall with the new prime minister and it is expected that negotiations on the exact terms of the UK leaving will take two years. The vote has prompted stock market declines around the world and a drop in the value of Sterling as investors react to the position of the UK.
Many in the science and technology community predicted that a vote to leave would have a significant impact on the industries. This is how they have responded to the result.
Startups and technology industry
None of the UK’s private companies valued at more than $1 billion supported leaving the EU, The Guardian report in May. The 14 unicorns, of which five explicitly said they would be supporting remain, were concerned that leaving the Union would affect trade and business.
The International Monetary Fund (IMF) said the UK leaving the EU “could do severe regional and global damage” to trade relationships.
TechUK, a trade body representing more than 900 UK companies in the technology sector, has responded to the vote saying that it “opens up many uncertainties about the future”. The group said it had starting to plan how it should respond to policy and regulatory changes that will be caused by leaving the EU.
“Tech companies will need to come together and speak with one voice to ensure their needs are understood and acted upon,” TechUK said in a statement.
Whether the UK is able to stay in the single market will be a key point that will impact businesses. London Mayor Sadiq Khan has said he will push for the country to stay within the trading agreement as part of the forthcoming negotiations between EU and the UK.
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