British group of legislators have said that Britain must urgently address the post-Brexit concerns of tech companies who fear losing European Union workers to other countries in the bloc.
The Business, Innovation and Skills Committee said ministers should use the upcoming digital strategy to set out the impact of the vote to leave the EU on firms’ high-skilled European employees.
It also warned that the UK’s position as a world leader in fintech – businesses which use technology to improve efficiency in financial services – could be at risk as businesses may seek to relocate to have a guaranteed place in the single market.
Committee chair and Labour MP Iain Wright said: “Britain’s digital economy is a success story that makes a huge contribution to the country’s competitiveness and wealth-creation capacity and the committee recognises the Government’s support in this area.
The MPs said regulations should be “future-proofed”, ensure fairness and put consumers first while protecting employment rights.
“Technology is revolutionising business, transforming virtually all aspects of the economy and society,” Mr Wright said.
“Digital advances have brought considerable benefits to consumers but they have also pushed at the limits of current regulation, creating a tension between so-called disruptors and those businesses being disrupted.
“The Government needs to clarify regulation to ensure fair competition while enabling digital businesses to thrive and grow to the benefit of consumers and the UK economy.”
Adapted from theIndependent