The British tech sector has received an unprecedented level of foreign investment in the last 7 months: £5.5bn (or $6.8bn). This record-breaking number even surpasses the American tech sector’s investment per capita amount.
The new report is yet another example that dispels the establishment myth that Brexit would unequivocally and irreversibly destroy the British economy.
Brexit-induced uncertainties would allegedly lead to declining investment, skeptics and anti-democracy Remain campaigners have insisted for the past 36 months.
Even in the past 24 hours, the Financial Times has claimed that a “Quarter of investors avoid UK assets as Brexit fears mount”.
The FT reporting is based on surveys on the “Interactive Investor” web platform. The article later admits most of the investors polled are holding back from UK assets because they already went in heavily after the original Brexit vote.
Britain’s Culture Secretary Nicky Morgan hailed the news of record tech investment, stating: “These fantastic figures show the confidence overseas investors have in UK tech, with investment flows from the US and Asia at an all-time high.”
The data doesn’t lie: markets may “hate uncertainty,” but real investors still love to do business in the UK. And even more in the post-Brexit world.
In fact, for the first time, the UK was recently ranked the “top investment destination in the world.”
There have been a number of high-profile investments in Britain over the past year, including Comcast’s purchase of satellite broadcaster Sky for around 30 billion pounds (currently $39 billion) and Coca-Cola’s takeover of Costa Coffee for near 4 billion pounds ($5.2 billion).
Will Shu, founder and chief executive officer of Deliveroo, added: “The UK is a fantastic place to start and grow a tech company, attract talent and, ultimately, turn great ideas into products and services that consumers know and love. These figures underline the real potential that the UK tech sector has.”
Looks like the Brexit naysayers have been proved wrong again.