The UK’s IT sector is worth £185 Billion, employing about 1.2 Million people, directly and indirectly. Latest research reveals top IT executives expressing concerns that companies in the UK are in danger of losing software development work post Brexit. Brexit might have various ramifications on UK’s Information Technology sector. Some of the possible impacts are examined below.
Whatever the Brexit outcome, the UK's departure will lead to a change in the environment in which businesses operate. Explore our perspectives to assess the risks and opportunities this presents.
Providing the latest analysis and insights on Brexit developments
Mr. Johnson might be forced to write to the EU at the EU summit on 19 October 2019, after the EU leaders meet for final European Council summit and ask for an extra three months. Unless he returns with a deal – then gets it approved by MPs – or gets the Commons to back a no-deal Brexit. As of now, there are multiple scenarios in the fray, each representing a different version of Brexit.
The discussions around Brexit have mostly revolved around the movement of goods across borders, somewhat undermining the discussions on its impact on the services industry. Over the years, multiple services industries have flourished in the country and made a positive impact to the economic output. Facilities Management (FM) is one such industry.
Most of the Brexit discussions so far have veered heavily towards its impact on physical goods and their movement across borders. However, the focus on border controls and achieving frictionless trade in goods has inadvertently shunned a large chunk of companies operating in the services sector – a sector that generated £31 Billion in trade surplus for the country in 2018.
The UK joined the EU in 1973. Known as the European Economic Community back then, EU envisaged a political and economic union that allowed free trade and free movement of people to live and work in country of their choice. If Brexit goes through on the dotted line – 31 October, UK would be the first member state amongst the 28 European countries to withdraw from the union.
In the event that the UK leaves the EU without finalising a deal, businesses importing and exporting goods with the EU will have to comply with a new set of rules and regulations. Her Majesty’s Revenue and Customs (HMRC) department is assisting businesses in understanding these new rules and the course of action that should be adopted to take to ensure compliance and continuity in case of no-deal exit.