Tech business fears for future political stability

Business confidence has slumped following last week’s General Election result, with a weakened minority Conservative government.

The big concern is the uncertainty this has raised over the impending Brexit negotiations with the EU.

Carolyn Fairbairn

Carolyn Fairbairn, CBI Director-General, writes in the Financial Times today:

“With negotiations almost upon us, British business does not believe that we are where we need to be. The likelihood of a good deal for the UK is further away with every exchange across the channel. That cannot be allowed to continue.”

This is particularly true the UK’s technology sector, which has very close ties with Europe in business, regulation, recruitment and research.

Fairbairn at the CBI wants to see meaningful progress on a modern industrial strategy by the end of the year, with real change on the ground on skills, infrastructure and innovation.

“This can only be achieved if the next Government doesn’t put the brakes on business, remains open to the world and sets out a pro-enterprise vision,” said Fairbairn.

“We need to move much faster to fix the foundations of the UK economy and our productivity problem.”

Julian David, CEO of techUK, writes:

“Decisions that will have to be taken over the next five years will shape the UK for generations to come. The new Parliament must come together to face the significant challenges not only of Brexit, but rapid global digitisation.”

Julian David

If the UK is to take part in technology innovation and the use of new technologies to drive its digital economy, it will need a strong and bold government.

“This will require some big thinking and some bold policy making. It is vital that the UK remains an open and dynamic economy in which tech businesses of all sizes can be the engine of inclusive growth,” said David.

Fairbairn adds:

“With a new Government, there has never been a more important time to refocus on the economy and plan with confidence and ambition. The next Government needs to deliver an open, competitive and fair post-Brexit economy that works for everyone across all our nations and regions,”

With only ten days before Brexit talks begin, the UK needs to be fast out of the blocks.