Brexit and the Future of the Digital Economy
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Roughly a week ago, we were all going through our normal lives when Brexit suddenly happened. And in a near zombie apocalypse scenario, the internet suddenly went upside down. Though unclear at this stage, it is quite obvious. The Government does not have a solid post-exit plan.
Having said this, should the digital society press the panic mode because of Brexit?
Not necessarily, at the moment that is.
Digital businesses like any other businesses should adhere to follow regulations that cover their scope of operation. And such regulation is the EU General Data Protection Regulation (GDPR). Which aims “to give citizens back control over of their personal data, and to simplify the regulatory environment for business. The reform will allow European citizens and businesses to benefit fully from the digital economy.”
“We continue to think that the United Kingdom’s economic prospects are good whether inside or outside the European Union. Britain has pulled ahead of the European Union in recent years, and we expect that gap to widen over the next few years regardless of whether Brexit occurs.” – Capital Economics for Woodford Investment Management
And now that UK voted to leave EU, we can just cross our fingers as we wait for its full impact. Will UK apply the GDPR or will they have their law?
It now depends on the conversations that entrepreneurs will have amongst themselves besides. In this space, opportunities are more obvious than barriers.
Yes, it is probably too soon to speculate, but there is no harm to prepare. It’s high time for creative people in the digital economy to find solutions to the underlying problem. That which resulted in the Brexit scenario.
The future of digital business will remain bright, no matter how the tides might change. It’s just a matter of having the right perspective to go through this interesting stage in the global economy.
The same is true for us here in the Asian region; we might be hours away from where the action has taken place. But its just a matter of time when we would feel the impact of Brexit in our businesses.