Brexit: Strong political and societal divisions are not reflected in the tech sector
9% expressed a strong opinion, with the plurality suggesting they expect no real change (42%) - though 90% of respondents are based outside the UK.
Our 2020 European Technology Index reveals:
Although opinion slants slightly towards the negative, some likely benefits are perceived.
Over the next two to five years, only 10% believe the impact will be positive as overseas competition reduces, or the UK government is able to unwind a little EU-imposed red tape. More than one-third expect there to be no perceivable benefits.
Supporting this global view, the majority of respondents perceive some negative connotations
48% believe Brexit will have negative ramifications. Contractual complications (42%) and lack of alignment (19%) mean a combined 61% of respondents see legal issues , whether contractual or statutory, as burdens to overcome as a result of Brexit.
A lot of technology manufacturing and services businesses have locations outside the EU
The sector might have expected a lower Brexit impact than more EU-focused sectors. As a result of COVID-19, however, any economic dislocations previously expected as a result of Brexit might be harder to discern.
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