UK tech industry bounces back from Brexit Shock

The UK tech industry has bounced back from Brexit shock with a sharp rise in the community’s confidence since June.

Almost half of tech businesses expect the environment to get better in 2017 compared to just eight per cent in the days immediately after the referendum.

The dramatic improvement in confidence comes after the UK tech sector lobbied hard for the UK to remain in Europe and was rocked by the vote in June.

Almost half of respondents now expect things to get better this year and only five per cent of people expect the business environment to get a lot worse, compared to 42 per cent in June.

Back in June 2016, 74 per cent of tech businesses thought that things would worsen, but only 24 per cent now expect them to deteriorate.

The survey also found that sentiment had improved amongst those in the London tech community – which stood to lose the most from Brexit, as it relies heavily on EU workers, founders and investors.

Almost a third of London’s digital community (35 per cent) now expect things to improve, compared to six per cent in June.

Gerard Grech, CEO of Tech City UK, said: “We have conducted the largest ever survey of the UK digital community and at the start of 2017 it is encouraging to find the mood becoming increasingly positive.

“This reflects the resilience and underlying strength of our digital sector, which continues to grow and create jobs at a far faster rate than the wider economy.”

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