Technology companies are more likely to be positive about the impact of Brexit on their businesses on average when compared to other sectors, with more than a quarter of firms having already completed some preparations ahead of the final countdown.
A readiness study from Pricewaterhousecoopers released today showed that 41 per cent of tech firms think that Brexit will do good things for the industry, and are more likely to have engaged with the government on what to do both before and after the UK exits the European Union.
Nearly half of tech companies are preparing for a so-called withdrawal only deal, meaning an orderly exit from the EU with an agreed exit transition.
Around 32 per cent are instead preparing to face no deal, followed by 30 per cent for a so-called limited future deal. Only 7 per cent of companies arent planning at all for Brexit.
Read more: UK tech wins the top spot in European venture funding post-Brexit
While the majority of respondents are still in the planning stage or have only started preparations, 27 per cent have completed tasks like changing warehousing arrangements, exploring alternative operating models and applying for the appropriate authorisation or VAT relief.
"Technology companies are used to facing disruption, and are arguably more agile than most and less affected by new barriers to physical trade, so it may come as no surprise that they feel more positive than other industries about their Brexit preparedness,” said Jass Sarai, Pwcs UK technology industry leader.
“As most industries continue their journey to become tech enabled, demand remains high for core technology products and services. Companies in the sector also tend to have more of a global view as they strive for rapid growth.”
However its not all positive. Around 52 per cent of tech firms are concerned about high tariff rates that could be imposed on imports and exports, as time-dependent cross border logistics and highly integrated UK-EU supply chains cause problems for those making preparations.
In general, tech companies are looking for more support from industry forums, government and peer networks.
Sarai continued: "In conversations with our tech clients now we often hear concerns around talent shortage. This may be addressed by the increased number of visas recently announced by the government, but we need to ensure the UK remains an attractive place for tech talent to work and companies to reside with as few barriers as possible."
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