Broken by Brexit
Close to one-third of London technology professionals reckon the city will lose its status as the European capital for tech investment over the next five years as Brexit turns the UK sour for investors. Two-fifths believe that it has already become harder to raise growth capital than a year ago, and over three-fifths believe the country’s departure from the EU will make the going tough for fast-growth tech firms, according to research conducted by Tech London Advocates.
In addition, a majority of tech professionals say invoking Article 50 has damaged London’s position as a global tech hub and feel government is doing too little to attract investment for British firms.
“Everything that has made London a global capital for tech excellence is still here, but market uncertainty can cripple confidence and restrict the flow of capital into the city’s fastest growing firms,” says Russ Shaw, founder of Tech London Advocates.
And what about the upcoming General Election? One-third of survey respondents believe tech outfits will get absolutely no benefit, whatever the result.
Is there any optimism out there? Well, 35% of Tech London Advocates survey respondents think artificial intelligence has the highest potential for growth in London, though just 19% reckon fintech will keep on growing, and a mere 13% plump for cybersecurity. And despite all the hype, only 7% are bullish on VR/AR.