BREXIT Chaos and potential tightness of tech startups:

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BREXIT Chaos and potential tightness of tech startups:

Cong Minh Nguyen

16/11/2018

 

On Thursday, Theresa May made the solemn promise to fight for her Brexit deal despite the chaos within her party. The negotiated plan would help Britain maintain economic ties with the EU; meaning continued backlash from Brexiteers. Despite significant political loses from the resignation of Esther McVey and Dominic Raab, May struggles to keep Penny Mordaunt as international development secretary in cabinet [1.] Such hopelessness and disarray of the plan is nothing new for Brexit. May’s increasingly weakened position is alarming as “a path of deep and grave uncertainty”, as the Pound drops against the Dollar. This being the largest depreciation of the pound in two years by 2%1

Optimism comes from recent analysis from Forbes showing that the UK is on its path towards becoming a tech start-up paradise with its human and capital resources [2] but if Brexit continues to act as an anchor on financial services and manufacturing, it would certainly crush such high hopes for the country.

 

Bibliography:

[1] Theresa May vows to fight for her Brexit deal | Financial Times. [online] Available at: https://www.ft.com/content/a269b042-e8f6-11e8-885c-e64da4c0f981 [Accessed 16 Nov. 2018].

[2] European Startups Don’t Really Care About Brexit. [online] Forbes. Available at: https://www.forbes.com/sites/nicolascolin/2018/11/15/european-startups-dont-really-care-about-brexit/#721e0b8f5183 [Accessed 16 Nov. 2018].

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