EU Referendum: Tech City UK boss says ‘nobody knows’ impact of Brexit on businesses

PUBLISHED: 10:17 24 June 2016 | UPDATED: 13:13 24 June 2016

Tech City

Tech City


The CEO of Tech City UK has said “nobody knows” how leaving the EU will play out for businesses – but is sure the UK will remain at the forefront of innovation.

Gerard Grech has spoken in the wake of this morning’s historic results, in which Britain voted to leave the EU by 52 per cent to 48pc.

The London stock market has dropped more than 8pc in the first few hours of the day and the pound fell to a 30-year low overnight as results filtered through.

Mr Grech said: “The UK remains a world-class country with world-class resources and assets; people, finance, legal framework and a supportive government.

“Nobody knows how this dramatic decision will eventually play out. But we can be sure the UK will remain at the forefront of innovation and entrepreneurship, and the tech community - with its spirit of problem-solving - will be at the heart of that. And as the eyes and ears of the UK tech community, Tech City UK will be here to play our part.”

Mr Grech had previously said Britain’s ability to attract international companies and investors through the single market had helped place London at the centre of Europe’s digital economy and warned any advantage would be eroded should we leave.

And seven out of 10 people in the tech community said they were in favour of remaining in the EU, for similar reasons.

Tech City UK has had a busy week, celebrating its fifth birthday and launching a report with Hackney Council on the success of the borough, which included a blueprint for other councils to follow.

It came on the back of Hackney’s economic success in recent years. Employment has risen from 55.3pc in 2006 to 69pc last year and the borough has a projected economic output of £14.4bn by 2031.

Related articles

1 comment

  • To the best of knowledge, Cupertino, California, is not in the EU, but that has not stopped Apple being one of the most innovative and successful tech companies in the world. Ergo, being in the EU is not a prerequisite for success.

    Report this comment

    Titus Groan

    Sunday, June 26, 2016

The views expressed in the above comments do not necessarily reflect the views of this site

Latest Islington News Stories

Fri, 17:42

The town hall wants the government to pay for fire safety measures after a committee called for sprinklers to be fitted in all high-rises – something that could cost up to £97million.

Fri, 16:54

Plans have been approved for a new children’s home in Islington to be run by a King’s Cross charity.

Dillon Zambon, one of the two young men accused of being part of Nashon Esbrand’s murder in Canonbury last year, this afternoon told a jury: “I never intended for Nashon to get hurt.”

Fri, 14:30

The heroic Islington firefighters who rescued Angel flood victims joined the Pearly King and Prince of Finsbury to be given the freedom of the borough last night.

Fri, 14:16

Police are appealing for witnesses after a man was slashed with a knife near King’s Cross station last night.

Fri, 11:16

City University students showed their support for striking lecturers by staging a sit-in protest this week.

Thu, 17:44

Business owners waded in to try and break apart a 20-strong group of scrapping teenagers in Highbury last night.

Newsletter Sign Up

Sign up to receive our regular email newsletter

Most read

Show Job Lists

Digital Edition


Enjoy the
Islington Gazette
e-edition today


Education and Training


Read the
Education and Training
e-edition today

Read Now