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Briefing
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- Start of Brexit Process – Prime Minister Theresa May officially launched formal Brexit process, submitting letter to European Council president Donald Tusk on March 29, 2017, triggering Article 50 of Lisbon Treaty
- Initiation of Negotiations – E.U. member states and U.K. will now begin negotiations on post-Brexit relations, including regulations on trade and immigration,
- Potential Brain Drain – U.K.’s digital skills gap already cost its economy £63 billion ($78.2 billion) annually, as skilled workers migrating to U.K. has been reduced by 10%, and country faces competition with countries like Switzerland, which is fast growing hub for innovation
- Government Workers Gap – U.K. National Audit Office (NAO) reports government requires extra 2,000 digital staff over next five years, costing up to £244 million ($303 million) per year to keep up with digital projects
- Strong Tech Industry – Investment in U.K.’s digital tech industry remains strong, garnering £6.8 billion ($8.4 billion) in private equity and venture capital investments in 2016, twice as France with £2.4 billion ($3 billion)
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Accelerator
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Market Disruption
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Sector
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Government (excluding military), Information Technology, Wholesale and Retail Trade
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Organization
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UK National Audit Office (NAO)
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Source
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Evenstad, L., "Article 50 triggers uncertainty for the tech industry",
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Watts, J., et. al., "Article 50 triggered: Theresa May formally begins Brexit negotiations to leave EU",
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Beauchamp, Z., "The UK has officially begun the Brexit process. Here's what happens now.",
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AcceleratingBiz analysis
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Original Publication Date
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March 28, 2017
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