With the Brexit vote fast approaching, and over 80% of tech workers wanting to stay in the EU, we consider the alternative to the majority. The big what if – what if we do vote to leave – what if Brexit becomes a reality? What will it mean to the Tech industry? Will it really be so bad?
It isn’t necessarily all doom and gloom. Things like controlled immigration are likely to favour entry for highly skilled workers – and so the industry could potentially even benefit from a recruitment perspective, or at least won’t be too detrimentally affected. It is also likely that trading with countries in the EU wouldn’t be too drastically different – the general consensus is that some kind of mutually beneficial deal will be struck up with the EU if we do leave, that will ensure trading remains easy and efficient.
The main concern then is the overall impact on the economy – but are we right to be concerned? A Brexit would undoubtedly have a huge impact, however it wouldn’t necessarily be a bad thing. If a trading deal is set up with the EU it is predicted that GDP could rise by up to 1.6%. Also, free from EU restrictions, Britain could reinvent its economy as well as focus on building relationships with countries outside of the EU – something that could put us in a unique position in the global market.
Ultimately the fears around leaving the EU are focussed around the fact we simply cannot predict the overall effect it will have, and we’ll never be able to. With this in mind, it is comforting to be reminded of the fact that while taking risks can be scary sometimes the biggest risks can be hugely profitable.
To read part 1 click here