Brexit is a hot topic of discussion for companies in a range of different sectors lately. Around half of the technology companies associated with "scaling up" other organisations aren't worried that Brexit will have a negative impact on their brand, while another 30% suggest that they could actually benefit from the change. This information comes from a new report by the tax, investment, and accountancy group, Smith & Williamson.
The months are gradually ticking away as the UK prepares to leave the European Union, and findings suggest that high-growth companies in the technology sector are in a "bullish" mood. To translate that into plain English, people are still pushing for growth, with many tech brands taking on new staff (90%) to handle growth, and around half reporting improved financial health.
The Tech Space Stays Optimistic
Scale-up companies in the technology space are generally optimistic about government policies according to the Smith & Williamson study. One in three said that they could benefit from the upcoming Apprenticeship Levy, compared to only 10% that were critical of it. 68% of tech scale-up companies say that they feel Government policies are supportive of their business.
As an enterprise that has grown in either revenue or headcount by approximately 20% per year over the last three years, the tech scale-up sector drives a serious portion of our economic growth. That's why Smith and Williamson decided to launch their sentiment study. According to the Scale-up lead in the organisation, Fergus Caheny, it's been exciting to gain an insight into how these successful companies feel about upcoming changes in the UK business sector.
Smith & Williamson believe that policy-makers will need to do their part to accommodate the positive nature of scale-up companies. While the study findings show that the scale-up business community in the tech sector feels relatively positive about Brexit, Smith & Williamson feel that they'll only be able to see the true scope of the business opportunity when they have further clarity on the UK's trading position.
