Members of TechUK, a group that represents the UK’s tech industry, are firm believers that a no-deal Brexit will hurt their business.
According to a new survey, UK firms expect no-deal to have a negative impact on the economy, and slow down their operations. They also expect more specific problems – a harder time finding skilled workers, more challenging recruitment and troubles over legal compliance, especially when it comes to moving data between the UK and Europe.
They also fear they wouldn’t be able to retain talented workers from the EU.
Polling almost 200 members, 71 per cent agreed that a no-deal Brexit would be hurtful. Large businesses believe they are relatively well prepared for such a scenario (87 per cent), while smaller companies weren’t as confident (47 per cent).
More than half of small businesses haven’t even begun preparing yet, mostly because they are clueless as in what to expect.
“In the nine months that have passed since we last surveyed our members, sentiment has not changed about the impact of no deal with the majority of respondents saying it would have a negative impact on their business,” said TechUK CEO Julian David.
“Even for those members we spoke to who have taken steps to prepare for no deal, mainly larger members, it is clear that no deal remains an unattractive outcome.”
No-deal Brexit means the UK would leave the EU, practically overnight, without properly agreeing on the terms of the exit. As it stands currently, such a scenario is likely, and could happen on October 31 this year.