British technology trade reacts in SHOCK to Brexit vote – however remains stoic concerning sector’s future. A collective cry of anguish went up from the technology community this morning, following the news that UK has voted to depart the ecu Union. As one of the UK’s quickest growing industries – growing thirty second quicker than the remainder of the UK’s economy – the technology sector is created from legion early-stage firms, that believe heavily on EU grants to survive.
Over the past 5 years, the ecu Investment Bank has invested with over €29 billion (£23 billion) within the British economy. solely days agone, it in agreement to lend £100 million to little and medium-sized businesses within the kingdom. Many British school firms conjointly earn an oversized proportion of their revenue outside of england, and argue they have unrestricted access to the ecu market so as to vie effectively.
The UK’s technology trade association, techUK, same that the results of the vote wasn’t the end result that the bulk of its members were hoping for.
“To succeed, the united kingdom school sector desires nice folks, nice infrastructure, foremost science and analysis, unbound access to world markets, and a foremost good and sure regulative atmosphere,” same statesman David, CEO of techUK. “Without the advantages of EU membership, the united kingdom has to be at its perfect to succeed.
“Today, at techUK we have a tendency to begin work with our members to design this new future. there’ll be a protracted hoo-hah list with several policy and regulative problems requiring pressing action.” Many individual technology leaders have conjointly expressed their bitter disappointment at the results of the EU vote .Richard Branson same that feat the EU would do “huge harm to Britain’s prosperity and Europe’s stability”: