Can London tech businesses boost economic growth in a post-Brexit UK?
Brexit continues to occupy much of the space in the British and international media, with debate ongoing as to what the UK’s withdrawal from the EU will mean for business.
Recent government impact studies have shown that as much as 8% could be chipped off Britain’s GDP if the UK leaves the EU with no deal in place. Five percent of GDP will apparently go missing if they conclude a free trade agreement with the EU, according to the leaked reports published by BuzzFeed.
Even if Britain stays in the European Economic Area after leaving the EU, the damage will still be around 2% of GDP, according to the leaked impact assessments. Those figures suggest that some serious innovation will be required by businesses to keep the British economy on track and moving in a positive direction.
So what can be done? Well, tech startups in London could be a big part of the answer. If anyone is wanting to set up a UK company of this type, London is a good city to choose. There are a number of reasons for this.
Tellingly, London has a youthful, dynamic and diverse population, that is also very large. A massive chunk of the city’s population is classed as being millennials, a demographic which is naturally drawn to technology companies.
An indicator of the opportunities available to companies who set up in this part of the UK is that in 2015, London-based start-ups created 20,000 new jobs. They also managed to raise £1.3 billion. Now, in 2017, there is also a massive availability of investment platforms and accelerators, which can help a new business in London grow. These include TechStars, Crowdcube and Shell Livewire.
If you are looking to set up a new company in the UK, or diversify some of your operations by expanding your current business from overseas into the UK, then London is a good place to look. This is especially true for tech companies. There is a ready supply of workers and customers in one of the world’s most international cities. Brexit may well be on its way, and casting a shadow over the UK economy, but the opportunities to thrive in a city like London are still there to be grasped.
With years of experience helping foreign tech startups establish in the UK, Goodwille can help you with everything you need to succeed on the UK market.
Get in touch with us today if you need any advice or help with your company expansion.
Are you worried about what impact Brexit might have on your future possibilities to do business? We have consolidated everything you need to know about Brexit on our Brexit Tracker. The Tracker is updated as discussions go along, so it’s always up to date with the most recent progress of the Brexit negotiations. You find the Brexit Tracker on goodwille.com/brexit.