The Brexit vote has utterly changed the landscape of the UK politically, financially, emotionally and technologically.
The UK tech sector, which has looked recently like it has found its feet and was ready to push on, especially in fintech, now faces a period of huge uncertainty on several important issues.
Furthermore, industry giants like Google, Microsoft, Apple, HPE and many more will be unsure what the future holds for their investments in the UK.
V3 has put together a breakdown of some of the key problems that the government will have to tackle to bring some clarity to the future. When this will be remains to be seen.
The new General Data Protection Regulation (GDPR) has yet to come into force in Europe but it will be law by 2018.
This will bring new requirements onto the statute books, such as fining firms up to four per cent of annual turnover for breaching the GDPR, or €20m, whichever is greater, and a requirement for dedicated data protection officers in firms with over 250 employees.
However, even with the Brexit vote UK firms will have to adhere to the law, as Rob Sheldon, a partner in Fieldfisher's Manchester office, explained to V3 last month.
"Post-Brexit, UK companies doing business in the EU, or with companies in the EU, will effectively have to comply with the GDPR in the same way that other non-EU companies must comply, such as when they aim goods or services at citizens in the EU, or provide hosting services for companies in the EU," he said.
UK firms would do well to assume that the GDPR will come into force as it currently is, whatever happens in the next few months in the UK.
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