Shares in UK technology companies have plummeted on the news that the UK will leave the European Union.
The FTSE 100 fell by more than eight per cent this morning, wiping £120bn off the value of the UK's top 100 companies, but this has since steadied to a drop of 4.5 per cent, which is still a significant £70bn.
BT has seen a drop of 9.73 per cent, Vodafone 3.35 per cent and TalkTalk more than 12 per cent.
Meanwhile, outsourcing firm Capita, which bought Trustmarque last week for £57m, has seen a drop of 11.65 per cent, along with Softcat 13.65 per cent, accounting software firm Sage 3.11 per cent and Micro Focus 7.7 per cent.
But it is not all doom and gloom. Shares in Cambridge-based chip firm ARM Holdings actually rose, albeit by just 0.39 per cent. The FTSE 100 microchip designer has had a successful year, seeing overall revenues up 14 per cent and earnings per share up 15 per cent.
The firm may not have been affected as much as other UK companies because much of its revenue comes from customers outside the EU.
Meanwhile, the vote to leave the EU will also mean that the EU General Data Protection Regulations (GDPR) will no longer directly apply to the UK.
The Information Commissioner's Office has called for the UK government to reform the country's data protection laws, suggesting that new legislation could mirror the GDPR.
Most companies will have been prepared for the incoming EU regulations, and will need to adhere to many of the rules if they store data belonging to EU clients, citizens or employees.
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