Tech investors call for clarity over post-Brexit immigration
Tech investors have warned the UK government that they must provide clarity over Britain’s future immigration stance to give firms confidence that they will still be able to source the best global talent – or risk having London dethroned as Europe’s primary startup destination.
Six months on from the historic Brexit vote policy details remain as rare as hen’s teeth, feeding an air of uncertainty in business circles as to how the government can square the circle of meeting voters’ concerns over immigration without handicapping the economy.
Citing statistics that Britain is home to 31% of all people in Europe working in tech startups James Wise, partner at Venture Capital firm Balderton Capital, told Reuters: “he number one concern is still access to talent, and while the raft of announcements is all very welcome, very few of them deal with the ability to attract global talent to the UK to build companies here.”
Evidence is mounting that the Brexit vote is already leading to a more restrictive funding environment which is further fueling visa fears.
In an effort to assuage such concerns Matt Hancock, minister for the digital economy, said that he was committed to ‘winning the global war for talent’.
London is further hamstrung by the high cost of commercial office space, with the capital currently ranked as the world's priciest place to establish a tech startup.