Tech will be 'key' for UK business growth post-Brexit - research

One in seven UK firms planning to move their headquarters to an EU country, according to ThoughtWorks

Technology is the differentiator between UK companies considering overseas expansion and those focusing on the domestic market, according to data gathered by ThoughtWorks.

The global software consultancy surveyed 1,026 UK businesses about their post-Brexit growth plans, with 78 per cent of respondents stating that they are putting plans in place to adapt for growth in the wake of Brexit.

However, 18 per cent of respondents were planning to expand abroad, while 23 per cent were concentrating on growth in the domestic market.

The study revealed that firms utilising their tech assets to their full capabilities were more likely to be looking at overseas expansion, while those that were improving their use of technology but were "some way behind" the market leaders were more likely to focus on growing their UK market share.

One in seven firms are putting plans in place to move their headquarters to an EU country, while the survey also found that business leaders' attitudes varied from city to city.

London firms were the most likely to seek business partnerships in the EU and most likely to employ more staff that spoke a foreign language. Birmingham-based businesses were most likely to invest in digital transformation programmes to secure more UK growth in the wake of Brexit.

Manchester and Newcastle businesses were more likely to say they would focus on growing the domestic market, although Newcastle firms were also most likely to plan a move into new overseas markets. Bristolian businesses were most likely to consider moving their head office to an EU country.

"For years, people have speculated about the impact of Brexit. Since last week the speculation has ended as Britain sets out on a new journey," stated Luke Vinogradov, digital transformation principal at ThoughtWorks.

"For the business community there will be uncertainty and those that turn it to their advantage will be the agile enterprises that anticipate change and adapt quickly. Our research suggests technology will be key. Those enterprises that fully use technology to achieve competitive advantage are already making plans to expand, to innovate and to grow."

"Across any organisation, making tech work for you means making choices. New ways of working can align your whole business around customer value; data can help you to build engagement and advantage; platform thinking and a test-and-learn approach will maximise the impact of your investments, and a delivery mindset will help you cut through the complexity and get things done.

"All of these digital capabilities can help businesses to modernise, change and grow - and get in shape to seize the opportunities that the post-Brexit era may present."