The UK might need new rules to regulate digital privacy and trade
Nowadays, digital is where companies boost their businesses and people spend most of their time.
The European Union has been working on a Digital Single Market Strategy that intends to develop official rules for trade, digital streaming, e-commerce and user privacy. It has taken a long time for the European Union to implement different laws that regulate online e-commerce and user privacy rights.
According to a statement by the European Union a digital single market will bring down barriers to unlock online opportunities and could also contribute €415 billion per year to the European economy and create hundreds of thousands of new jobs.
What will happen to the UK now that it is leaving the EU? Some specialists, including Gerard Grech, CEO of Tech City UK (1), claim that they are concerned about the flow of talent and investments.
Besides, scalability could now become a problem for the UK’s tech companies (2). The growth of businesses might also slow down due to Brexit and uncertain trading regulations. It will be more much more difficult for companies to expand throughout different countries and the process will become more complicated, as rules and the costs will change for the UK.
Indeed, some International companies based in the UK have already announced leave; for example: Easy Jet (3). The much reputed airline announced that it might move its Head Quarters, if Brexit starts to impact on its business.
Is it still possible that things might change? It appears as if the UK really is going to leave Europe.
Indeed, young people talk about how their future might be affected by Brexit as it could become much more difficult to study in different European countries. Many of them also believe multiculturalism is a positive asset for companies, as well as society in general.
In terms of free movement, work opportunities and business development regulations are now more important than ever.