UK tech sector more attractive despite Brexit

We barely seem to go a day without hearing about how Brexit is ruining something or other. From our seemingly Titanic-like currency, to a dramatic shortage of NHS staff, and even to the increasing price of wine we can’t seem to escape the anxious negativity surrounding Britain’s decision to leave the EU. However it’s not all doom and gloom for tech and, remarkably in spite of all the uncertainty, the UK tech sector has become even more attractive. 

This is according to a new report from research firm KPMG, that ranks the UK as the fourth most promising market for technology breakthroughs that have a global impact, trailing slightly behind the US, China and India. The report says that the UK is seen by the global business executive respondents (the firm surveyed 841 of them) as progressing with innovative tech hubs, showing progress in the development of products and services that can break through in developed and emerging markets.

Tudor Aw, head of technology sector at KPMG UK said: “The research shows the UK’s technology sector drew more investment than that of any other European country in 2016 and that London is seen as a major hub for big data, fintech and a variety of digital technologies. Despite the uncertainty presented by Brexit and other economic factors, the UK and London has not lost its shine when it comes to its technology pedigree.”

Speaking of London, the survey also found that it is one of the top cities that people think will emerge to rival Silicon Valley over the next four years. The UK capital comes in at number five, trailing Shanghai, New York, Tokyo and Beijing. 

“Technology underpins the competiveness and development of almost every sector. It is a key battleground for most economies and the UK must ensure it is a leader in this field. The Government’s £2 billion R&D fund for emerging tech, such as artificial intelligence and robotics, is therefore hugely encouraging and will make a real difference to the UK being seen as a tech destination of choice for scientists, entrepreneurs, investors and tech companies,” said Aw.

While this is by no means a certainty, it looks like all the Brexit confusion may be leaving British tech in a more positive position. 

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