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Despite the concern levelled at Britain’s post-Brexit future, experts are now predicting a technological boom in the UK, now independent from the EU. Such is the rapid rise of the technology sector in the UK, that while capital investment in the industry fell in China and the US in 2019, it soared in Britain. Figures show investment in Britain exceeded £10billion in 2019 – a 44 percent increase.
Already the UK is ahead of the EU but expert, Tom Bohilis has claimed Britain is set for a new era of prosperity within the sector.
Writing for Facts for the EU, he said the industry has an ideal opportunity to increase the gap between the UK and the continent.
He said: “Despite loud opposition to Brexit, however, the sector is absolutely booming.
“Britain’s tech industry is not only streets ahead of its EU rivals, but the gap is actually widening.
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“The recent UK-Japan trade deal incorporated the most comprehensive digital chapter in any free trade agreement on earth – streamlining regulatory processes, encouraging data flows and building in robust protections for our creative industry.
“We are now cutting the deals and making the rules that the rest of the world will follow.”
The expert also stated the industry is well placed to drive the “entrepreneurial global Britain we know this country can be”.
Within the sector, financial technology has also increased rapidly in the country with more capital and deals completed than the top 10 EU countries combined.
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There were also 77 billion-dollar start-ups in the UK, as opposed to 32 in Germany.
In a foreward given to the Tech Nation report last year, Mr Johnson praised the emergence of the technology sector which will transform lives.
He said: “In the space of a single year, we have shattered all records, with technology investment in the UK soaring by 44 per cent to over £10 billion – more than France and Germany combined.
“Britain is second in the world for fintech, with investment rising by over 100 per cent in the last year alone.
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“And we are number one in Europe for the emerging technologies that will transform the lives of every single human being.”
The comments concerning the UK’s technological sector comes as Britain formally left the transition period on January 1.
Due to the short time given from the Brexit deal being agreed and the turn of the year, there had been fears of chaos at ports across the UK.
Port authorities in Ireland have indicated the low level of trade for the time of year is helping officials adapt to the new rules, however.
Tom Talbot, head of customs operations for Dublin Port said today: “This has provided a good opportunity for ourselves, for trade, for business to build familiarity with the system, with new procedures.
“It allow firms to build familiarity with procedures that apply to trade and new trade with Great Britain and the arrangements that are in place across both Rosslare and in Dublin Port.
“Even for businesses that are familiar for a number of years with dealing with third-country trade, the fact that this trade never arises on roll-on and roll-off traffic is a new feature.
“We are now into a much more time-sensitive case and this is moving things a little faster.”
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