Brexit has profoundly affected the British economy, notably within the tech sector, impacting labor retention and market access. The end of free movement has complicated hiring EU talent, requiring sponsorship visas that are costly and time-consuming. Moreover, the loss of EU funding programs has strained tech companies, emphasizing the need for alternative investment. Despite challenges, London remains an attractive destination for investors. However, the complexity of selling products and services across Europe has increased, creating additional hurdles for UK tech firms fighting for market competitiveness globally.
Besides the obvious repercussions of Brexit, there have also been more specific repercussions in many different industries, including the tech industry.
The loss of EU funding has created a higher need for investors and other types of funding to ensure that the UK is capable of competing in the global tech market.
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