Arm co-founder says Brexit is 'biggest loss of sovereignty since 1066'

Hermann Hauser says he is a 'passionate' European and believes the UK withdrawal from the EU was a tactical error

Arm's co-founder believes Britain has "no chance" of being technologically independent following Brexit.

Hermann Hauser says he is a "passionate" European and believes the UK withdrawal from the EU was a tactical error.

Hauser, co-founder of Acorn Computers, which later span out chip design firm Arm, believes the US, China and Europe are the only three "technology sovereignty circles" with the chip-making factories and 5G knowhow needed for a modern economy.

He told the Guardian: "Britain has no chance of being technologically sovereign.

"Brexit has been the biggest loss of British sovereignty since 1066."

He also cautioned against the UK siding entirely with the US, adding: "I hope that despite the toxicity that you have with Brexit between Europe and Britain at the moment - which is idiotic - I hope that Britain will join Europe's technology sovereignty circle.

"Britain doesn't want to become the 51st state of the United States."

Hauser amassed a fortune after co-founding Arm Holdings, which designs the microchips found in most of the world's smartphones.

He sold his shares when Japan's SoftBank acquired Arm in 2016, turning to venture capital investment instead.

SoftBank is preparing to take British chip designer Arm public after plans to sell the company to Nvidia fell through due to "significant regulatory challenges".

But it said it is planning on taking the company public on the NASDAQ exchange in New York instead of London.

Hauser said he is in favour of an initial public offering that allows a diverse shareholder base to take minority investments and keep Arm as the "Switzerland of the semiconductor industry".

He added: "It was very good to see that even our technologically illiterate political elite, including the prime minister, has woken up to the fact that Arm is actually a great national asset. And probably the only company in the UK that has global relevance in the technology space."