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Balderton Capital: Brexit could diminish UK’s position as a leading tech hub

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The UK’s prominence as a European tech hub is at risk if access to skills and talent are not guaranteed during Brexit negotiations, a new study warns.

Produced by VC investment firm Balderton Capital, the study shows that 82% of those surveyed are concerned about being able to access tech talent following the UK’s exit from the European Union (EU).

According to the report, 44% of respondents said they were also worried about the impact Brexit would have on their ability to raise funds.

UK tech industry airs concerns as official Brexit talks begin in Brussels

Pay

According to the research, the pound’s decline in value since the Brexit referendum, has made the UK a less attractive place to work on pay basis.

The average engineering salary in the UK, the study said, used to stand at $70,500 whereas it’s now diminished to $58,168. The average remuneration in Germany stands at $58,176.

The study also found that there was a significant variation in average developer pay across Europe. Developers in Switzerland, it says, earned just over $20,000 more than their UK counterparts last year.

The workforce

The research highlighted that employees in European startups were “overwhelmingly” European and that they studied in a European university.

Almost 50% of all employees, the study continued, had previously worked in a startup or a tech company, whilst women continue to be an underrepresented minority across more than 82% startups.

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