EU Referendum: Tech City UK boss says ‘nobody knows’ impact of Brexit on businesses

The CEO of Tech City UK has said “nobody knows” how leaving the EU will play out for businesses – but is sure the UK will remain at the forefront of innovation.

Gerard Grech has spoken in the wake of this morning’s historic results, in which Britain voted to leave the EU by 52 per cent to 48pc.

The London stock market has dropped more than 8pc in the first few hours of the day and the pound fell to a 30-year low overnight as results filtered through.

Mr Grech said: “The UK remains a world-class country with world-class resources and assets; people, finance, legal framework and a supportive government.

“Nobody knows how this dramatic decision will eventually play out. But we can be sure the UK will remain at the forefront of innovation and entrepreneurship, and the tech community - with its spirit of problem-solving - will be at the heart of that. And as the eyes and ears of the UK tech community, Tech City UK will be here to play our part.”

Mr Grech had previously said Britain’s ability to attract international companies and investors through the single market had helped place London at the centre of Europe’s digital economy and warned any advantage would be eroded should we leave.

And seven out of 10 people in the tech community said they were in favour of remaining in the EU, for similar reasons.

Tech City UK has had a busy week, celebrating its fifth birthday and launching a report with Hackney Council on the success of the borough, which included a blueprint for other councils to follow.

It came on the back of Hackney’s economic success in recent years. Employment has risen from 55.3pc in 2006 to 69pc last year and the borough has a projected economic output of £14.4bn by 2031.