Time is flying, and we now have less than 60 days to Brexit — the day Britain seizes to be a member of the European Union.
With months of negotiations gone, when the Brexit deal received an overwhelming rejection in the British Parliament and which was accompanied by weeks of political fighting, surprisingly, a lot of questions are yet to receive answers. A lot of attention has been given to the attendant consequences of having Britain break away from the EU without a deal, but not enough thought had been given to what becomes of EU citizens who live in the UK when Brexit happens.
Founders fear that talents and funding will be on the low
Going by anecdotes gotten from interviews and other background conversations with investors and founders in the past two years, one gets the impression that the two major issues are fear of hampered access to talent and lack of funding.
Furthermore, Silicon Valley Bank, in a report, revealed that the number of startups in the UK that are considering to move their headquarters to other locations in Europe, which was formerly at 11% in 2017, had increased to 14% in 2018. The research also found that about a quarter of these startups were not planning to leave the UK, but we’re thinking about opening a branch in Europe.
The UK still attracts the highest VC funding in Europe
In the aspect of funding, the UK did not lose its position as the country that attracts the highest VC funding in Europe with €6.7 billion invested in startups in the UK.
Net migration of people from the EU to Britain fell for the sixth year in 2018 based on the record from the Office for National Statistics. Another research from The Open University shows that UK businesses fear that the recruitment of talents will become harder.
The government, reacting to these fears, announced in January that there would be a waiver on the £65 and £32.50 being the application fees for settled status for UK-based EU adults and children respectively, after Brexit.
In addition, the government also announced a startup visa for founders outside the UK to come open businesses in Britain.
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