Streeting – Government must protect tech sector during Brexit process

Over 1 in 10 of London’s tech firms say investors have withdrawn funding since the EU referendum, a new survey says today. Research conducted by Tech London Advocates found 11.9 per cent of London’s tech sector has experienced investors holding off or withdrawing from a funding round since the referendum.

The survey also found that a large majority (58.2 per cent) of respondents believe that once triggered, Article 50 will damage London’s position as a global tech hub. And just over a third (33.7 per cent) say it has been harder to grow their business since the referendum.

Tech London Advocates is an independent network of more than 4,400 tech experts, leaders and professionals in the capital.

Commenting, Wes Streeting MP, leading supporter of Open Britain, said:

“London’s tech sector is one of the greatest assets our country and our capital has, creating thousands of great jobs and driving our economy.

“That so many have experienced withdrawal of funding since the referendum, and are worried about the impact of Brexit on their businesses, should be deeply concerning for ministers. 

“The Government has a duty to negotiate a trade deal that protects our tech sector and delivers the ‘exact same benefits’ as our current membership of the Single Market. If they do not, London and the whole of Britain will be worst off.”