How could Brexit affect technology, media and telecommunications companies?
The UK is scheduled to leave the EU on March 29, 2019, and a considerable number of issues remain unsettled on both its withdrawal terms and on future economic trade and arrangements. A transition period until the end of 2020 has been agreed in principle (under which the UK will continue to be subject to EU law), but has not been formally ratified or legally adopted. As such, there are a range of possible outcomes, including the UK leaving the EU without any deal.
The latest UK government White Paper of July 2018 proposes a new trading relationship with the EU, but it does not comprehensively cover arrangements for services. Technology, media and telecommunications businesses may think they are less vulnerable than other businesses, with less significant restrictions to market access, but they face a number of disruptive changes that could affect access to talent, supply chain, licenses and permissions, intellectual property protection and data flows, which could substantially disrupt the way they do business. The winners from these changes will be those that have assessed the potential threats and opportunities and prepared for them.