The UK will leave the EU on October 31st. Brexit was initially due to take place on March 29th, but has been delayed twice so far.
A No-deal Brexit could be on the cards, with bookmakers suggesting a 25-35% chance of this being the case. This would mean that the UK would leave the EU single market and customs union overnight. Headlines continue to be dominated by politicians debating whether this is reason enough to extend negotiations or cancel Brexit altogether.
Brexit is expected to have a number of implications on our lives, including:
- Border delays for trade & personal travel
- Increased food price and scarcity - with about 30% of our food currently sourced from the EU
- Reduced access to pharmaceuticals and an increase in the price of medication
- European Health Insurance Cards will no longer be valid
Economists also suspect that the pound will continue to depreciate, and that a recession will likely follow.
What about the tech market?
Its not all doom-and-gloom for the industry. The UK has been named the 4th most promising global tech market in spite of Brexit.
More potential good news for UK mobile consumers who since 2017 have been able to use minutes, texts & data abroad, within the EU. All the major networks; EE, 3, Vodafone & O2; have stated that they are working to ensure that this remains the same post-Brexit.
Confidence within the industry is a bit lower, according to recent data - with most of this being due to uncertainty. It is expected that tech prices will continue to increase as a result of Brexit. This has already been demonstrated in the price of the iPhone 11 series, which was released last week, and which will be inflated by approximately £20.00-£50.00.
Going forward, it's critical that the correct measures are taken to ensure secure data transfer across borders, and that a sensible immigration policy allows companies to continue to attract tech-talent abroad.
We suspect that our business, along with the repair industry and pre-owned device market, will be mostly unaffected by Brexit.
Thanks for reading!
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