Jobs in the UK’s technology sector are already moving abroad because of the vote to leave the European Union, a report claimed on Thursday.
A poll conducted in the sector by Magister Advisors – a specialist investment bank with offices in London and Silicon Valley – showed the uncertainty following the Brexit vote could become the “silent killer” of the industry in Britain.
The report said that half the sector’s talent pool originated in the UK with another 30 per cent coming from EU countries and the remainder being expats from farther afield.
Victor Basta, managing director at Magister Advisors, said the Brexit vote had resulted in new jobs being created in EU nations, rather than the UK, while others were being relocated.
“The reason for all this isn’t Brexit itself; no-one can guess what it will actually mean, or how negative its implications,” he said. “The silent killer is the uncertainty Brexit now forces fast-growth companies to confront.
“Their CEOs face so many critical decisions, and so much risk already, and the last thing they need is basic regulatory and economic uncertainty. While the UK government is admirably working at government warp-speed, unfortunately tech moves 100 times faster.