The risks to the UK tech sector from a No-Deal Brexit include a hit on funding for innovative start-ups and an inability to service IT contracts and build viable future ones, according to the Brexit's Impact on Global Tech report.
The report identifies five key Brexit challenges:
Securing the continued free flow of data
Ensuring continued access to talent
Enabling the frictionless movement of tech products and services across borders
Alignment on rules covering digital services to avoid barriers to market access
Retaining access to EU funding such as Horizon 2020 and the European Investment Fund
“The biggest loser from a No-Deal' Brexit will be UK Plc, including tech start-ups and scale-ups in search of funding,” say the report. “The UK has typically been the default stop for US tech investment, but any Silicon Valley CEO looking at the UK's likely post-Brexit hangover – and current political turmoil – will either put off a decision indefinitely or opt for an alternative base.