Tech jobs ‘already relocating abroad’, survey says
Jobs in the UK's technology sector are already moving abroad because of the vote to leave the European Union, a report claimed on Thursday.
The report cited two, post-referendum examples. "On June 23 (the day of the referendum), the board of a 700-person software company met to decide where to add 100 engineers in Europe. First choice was London, but if Brexit happened, they would opt for Germany. On June 24, 100 highly-skilled tech jobs silently and irreparably left the UK’s fastest growing sector."A UK fin-tech company had to decide during August whether to expand its Dublin or London operations. The board voted unanimously; the company had to become Brexit-proof, so dozens of jobs shifted without fanfare to Dublin."The report on Thursday came a day after a survey from the Bank of England suggested that companies had frozen both investment and non-essential hirings because of the uncertainty caused by the referendum outcome.The bank's latest Summary of Business Conditions suggested there would be "broadly flat levels of capital spending and employment" over the coming months, with the commercial property market being particularly hard hit.Hiring had also tailed off among professional and financial services firms, although the report said that, overall, business were now more optimistic about the future than they had been in the immediate aftermath of the Brexit vote.Allan Monks, an economist at JP Morgan, said the report pointed to the fact that, while surveys had raised hopes of a post-referendum bounce, there was a "clearer Brexit impact ahead that bleeds in slowly through time" and would have "significant adverse economic implications".He added, "Readings on employment, and, particularly investment intentions, over the forthcoming year show a marked deterioration within service sector industries."
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