Tech investors optimistic about Brexit Britain

Investors see the potential in Britain's post-Brexit tech industry

Despite ongoing Brexit negotiations resulting in an unknown future for British businesses, tech companies remain optimistic. London Mayor, Sadiq Khan, identified Google, Apple, Snapchat, and Amazon as the companies who are thriving in uncertain times.

Investments in the UK are prospering, with the latest funding coming from US software giant, Salesforce, who pledged to invest $2.5 billion into its British subsidiary by 2023. Marc Benioff, Chairman and CEO of Salesforce, said “our commitment to driving growth, innovation and customer success in the region has never been stronger”, which is a clear gain for the British market.

Amidst the Brexit debates, tech companies are continuing to invest into the unknown. Just last week, Amazon announced that they plan to employ an additional 2,500 workers in the UK, bringing their British workforce up to approximately 27,500 employees. 

A third party joining the UK tech sector is Japanese multinational conglomerate Softbank, who have partnered up with Mubadala, an investment company from Abu-Dubai. The two have teamed up on a massive $400 million European tech fund situated in London.

News on the evolution of the tech industry strikes daily, with many European countries recognising technology’s capacity to improve their economy. UK trends show a strong tech industry, and Khan reiterated this to CNNMoney, “the amount of investment in the tech sector has continued to grow” he disclosed on Monday.

This is undoubtedly a win for Britain’s booming tech sector, but other industries are struggling to stay afloat. The UK car industry is a sector that benefits from EU trade laws, and is currently experiencing a depletion as the Brexit debate continues.

Despite the positive performance of the tech industry, the future of Britain as a whole remains unclear. Khan stressed the impossibility of existing in a limbo state amidst the ongoing negotiations, and called the government into question this Monday, “I want clarity from my government. I want clarity from what will happen once we’ve left the European Union.”

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