With the UK moving out of the EU in the coming months, many different areas will be affected by Brexit, like technology, medical care, trade and more. Brexit will change how the UK manages its relationship with the European Union in these and many other areas. The UK will certainly have to implement a major overhaul in economics and technology. How will Brexit affect technology in the UK?
Telecom and Communications
The first prominent impact is going to be in the telecom and communications sector. The UK nationals don’t pay roaming charges while using their cell phones in the EU currently, but this is sure to change in the near future. Even if the UK government signs up for MoU’s and bilateral agreements, the EU will most likely levy monetary charges and taxes on the UK’s telecom sector and mobile companies. UK consumers won't enjoy the same rights and benefits enjoyed by EU consumers. The wholesale roaming rates charged by EU mobile companies will have to be charged to the UK cell customers.
Data Sharing Remains an Issue
Another aspect is how the UK is going to share ‘the net’ with Europe? This is going to impact not only physical networks, games on networks, but even online content. UK businesses might be compelled to move EU data and copyrights to EU data centers. Data privacy will be a huge concern for both the UK and the European Union, and data infringement will become an issue.
Consolidated Technology Is What’s Important
Regardless of when Brexit will come into effect, it is going to impact both the UK and the EU. The EU is already addressing proposals to regulate and implement a consolidated conglomerate with high tech services and online content, that can be accessible and beneficial to both.
The IT and Software Market is Going to be Hit
If the UK takes a moderate approach, investments could be encouraged by mobile and broadband companies. On the contrary, if the UK adopts a strictly regulated approach, investments will be hampered. Certainly, many new data protection laws will surface in the coming months.
Also, Britain has very little control over the IT market, because most of the software businesses and markets work on a global platform.
International Trade
International Trade will also be impacted. EU will have to develop new international treaties.
Monetary Ramifications
Brexit is definitely going to make starting a new UK tech company much more expensive. Most of the startups sell their goods and services outside the UK, which will result in acquiring sales offices outside the UK.
Most startup businesses use technology and network from global sellers. Considering this post Brexit, it will be an uphill task for the UK to achieve financial growth and momentum compared to the US.
People who don’t support Brexit have plausible reasons...some of them are:
The bigger concerns looming over the tech industry are related to brain drain and curbed investments.
Post-Brexit, the UK will be bound to follow many new rules for exercising access to free trade and data. Some EU citizens may move back to the continent post Brexit, which could create a significant drain on skilled employees in the UK. For other European economies, it could be something that works to their benefit.
Issues like increased antagonism around the easy flow of data are of course, high on the list.
If Britain comes out of the EU as a single market, both the digital world and trade will be negatively impacted. The UK will lose funding and investments, but the imminent question is, “Will it be able to cope all alone, in today’s competitive times”?
Whatever the decision, one thing is certain, it will not have a favorable impact on technology and innovation. Uk’s technology deputy CEO, Anthony Walker, believes that any Brexit deal isn’t going to help the U.K economy.
Rumors are rife, that a no-deal Brexit is imminent, which is also bad for the people working in the UK’s tech industry. There are so many UK nationals who are working in the UK offices of Tech giants like Facebook and Google (News - Alert), with a no-deal Brexit, the UK will also lose business.
Crucial Days Ahead
The coming months are going to be very crucial for both Britain and the EU. The long-term impact on innovation, technology, and development are going to be massive. In conclusion, Brexit will have severe ramifications in the technology industry of the UK.
