Can British Tech Survive a Brexit?

One massive concern of the recent Brexit is whether the UK Tech scene can weather the storm and keep its place as Europe's - and one of the world's - leading tech hubs. Of particular concern to this author is whether, in particular, London, as England's leading tech economy, can maintain its position as the FinTech capital of the world.

The main concerns affecting financial service firms (and financial services generally) in the UK - FinTech included - is the ability to keep their "passporting" ability and to benefit from the free movement of workers. Clearly, to the extent that both remain possible post-Brexit comes down to how Britain's negotiations with the EU over the next few years fare. These concerns are founded: clearly if both are not possible both tech -and FinTech - in the UK will suffer as financial institutions will find it harder to conduct business in foreign countries and access to talent in non-UK markets will be compromised.

Investment wise, I do believe that investment into UK tech will be impacted, at least in the short to medium term: it is impossible to see how it can't. Where that tech will 'go to' however is another matter entirely. For example, I can't see migration to Scotland being a runner in the long term; it has infrastructure and potential but is, in my opinion, far behind some other EU countries who might compete with the UK on the tech-scene. Instead, I think the big challenges come from foreign EU markets with an established base; Frankfurt being, in my mind, a key potential competitor.

However despite this, let's not forget that the UK's - and in particular London's - tech scene is substantially larger than those other ones in Europe. Looking at FinTech, the size difference is even more profound, so other EU countries that want to be competitors have some way to go in term of infrastructure, the type and size of the offering, tax incentives and so on.

Hopefully, negotiations won't transpire being as bumpy - or as long - as forecast: for the sake of the UK, the employees of UK companies and entrepreneurs. We are now in a globalised world where new technology has never been more important...Brexit simply can't be allowed to hamper that progression; Britain must seize every opportunity, however small, to keep its place.