As the UK considers leaving the EU, tech businesses have weighed in on whether or not they are in favour of such a move in a new survey conducted by techUK.
70 per cent of its members are in favour of the UK remaining within the EU while 15 per cent want the UK to leave. The remaining 15 per cent of techUK's members were undecided on the issue.
To collect its information, techUK surveyed 277 business leaders in technology of which 75 per cent were SMEs. However, the organisation found that both large and small businesses were in favour of the UK remaining within the EU. Of those that supported the decision to stay, many believe that EU membership makes the UK appear much more attractive to foreign investment. 76 per cent also think that it allows companies to negotiate better deals on trading relationships with other companies within the EU. Many participants also believe that EU membership helps make the UK more competitive on a global scale.
A vote to leave could be devastating to the UK - according to the companies that supported remaining within the EU - and would create risk and higher levels of uncertainty for their businesses. They also believe that such a move would take away a great deal of the UK's influence in regard to the issues that concern their businesses.
15 per cent of companies that are in favour of leaving believe that doing so would give the UK a greater degree of flexibility in the global economy and allow it to secure better deals in its relationships with other countries. Regulations imposed by the EU are the main drawback that they see as a hurdle if the UK decides to remain within the EU.
Even if the UK does decide to leave the EU on 23 June, most of the companies surveyed by techUK will continue to work closely with their customers and suppliers located within the EU.
As such, they would still need to comply with EU regulations and the UK's exit from the EU would leave them at a great disadvantage.