Member Article

Brexit: UK faces uncertainty & risk of Techxit

The British public has spoken and Brexit is now a reality; with 51.8 percent voting for the UK to ‘leave’ the EU in the referendum and 48.2 percent voting to ‘remain’. This news come much to the dismay of one businessman and entrepreneur, Askar Sheibani, Comtek CEO, entrepreneurship champion for Wales and chairman of the Deeside Business Forum, who has been in the ‘remain’ camp since the beginning. He offers the following comment on Brexit:

“Britain’s departure from the European Union is a devastating blow to UK businesses, especially those in the technology industry. Words cannot describe how disappointed I am that the British public turned its back on the EU; choosing years of economic uncertainty over being part of a thriving economy that has helped Britain to progress phenomenally in terms of trade, competition, employment and skills. Brexit has riled up the business community and, as a member of that community, I’m sure I speak for the vast majority when I say that we’ve been left with many unanswered questions.

“With all existing EU agreements and laws up for debate, the UK Government needs to provide UK businesses with clarity and reassurance on the status quo, the near and the longer-term future, to avoid destabilising the country even further. Trade agreements, for example, need to be re-negotiated in a way that boosts UK businesses and the UK economy. Already, there has been fluctuation on the value of the pound and this is something that needs to be counterbalanced, if it’s not to cripple the UK’s ability to trade profitably in an international market both now and in the future. What’s more, many companies based in the EU will be looking to attract agile UK-based firms, such as those in the technology industry. With the advantages of a single market across the water and possibly a weakening UK economy at home, it will be no surprise that some firms seriously consider a shift in focus, potentially turning Techxit into a reality.

“Critically, now Brexit has become a reality, changes are on the way and no-one knows quite how they’ll impact one another, or indeed, how deep the knife will cut. Brexit is like a gaping wound that will take years to heal and no-one truly knows the scarring it will leave behind.”

This was posted in Bdaily's Members' News section by Askar Sheibani .