15.8 C
Lancashire
Sunday, July 21, 2024

Number of North West tech start-ups double since Brexit vote

An analysis of Companies House data by audit, tax and consulting firm RSM has revealed that the number of tech start-ups in the North West has more than doubled since the EU referendum.

In the eight month period prior to the referendum in June 2016, 175 software publishing, computer programming, and business and domestic software companies in the North West were incorporated. However, in the eight month period following the referendum, this jumped to 449.

Nationally, the number of tech company incorporations rose from 2325 to 5995 during the same period.

While the increase was particularly high in London and the South East, the North West was the third highest among the British regions.

Jonathan Lowe, RSM’s head of technology in the North West said: ‘There were fears that the Brexit vote would dampen activity in the tech sector and businesses would be attracted overseas. In reality, they are staying and multiplying and we’ve seen a strong rise in incorporations across the North West, particularly in Greater Manchester. This strongly suggests that the entrepreneurial spirit in the region’s tech scene is alive and well.

‘Nationally, we saw a dip in tech company incorporations in the lead up to the referendum, no doubt due to uncertainty surrounding the outcome. However, angel investors, venture capitalists and private equity firms continue to support and invest in UK tech, with overseas investors particularly attracted by the current weakness in sterling. The availability of tax breaks such as the Seed Enterprise Investment Scheme and the Enterprise Investment Scheme is also helping to encourage investment activity.

‘The downside of this surge in activity is that the war for talent is fiercer than ever. As the proportion of EU workers in the tech sector is far higher than the average many businesses will want an early resolution to the issue of the status of EU workers in addition to clarity over their ability to recruit overseas talent post-Brexit. ’

spot_imgspot_img

Latest

Bespoke wins Wiserr lead generation contract

Digital marketing agency Bespoke has won a digital marketing contract with Wiserr to...

Dad jailed for murdering two-year-old son

A man has been jailed for life for the...

GO Blackpool app launches to boost local businesses

Blackpool Business Improvement Districts (BIDs) has launched GO Blackpool,...

Bin it and bag it: Jollyes launches nationwide free poo bag giveaway

Retailer Jollyes will open its next brand new store...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Securing Web3 Development: Guide to ISO 27001

Web3 development is revolutionizing the internet by leading it...

Lancashire charity Unique Kidz celebrates 15 year anniversary

Unique Kidz and Co, a charity providing childcare and...

Bin it and bag it: Jollyes launches nationwide free poo bag giveaway

Retailer Jollyes will open its next brand new store...

HAD & CO recognised as ‘most influential female-led architectural practice’

Female-led architectural practice HAD & CO based in Burnley,...

More News

Legal expert reveals steps to take after personal data breaches

A legal expert has outlined what to do if your personal data has been breached following cyber attacks on the NHS and Ticketmaster. A data...

Tips to make your next business meeting a success

Meetings are crucial for almost any business, allowing employees, managers and executives to share ideas, provide updates and discuss goals that are relevant to...

Should UK firms outsource their financial management?

The UK has thousands of financial adviser firms that can help firms of all sizes and types with their financial management needs. But just...