Take a look at the largest companies on the London Stock Exchange:
- Unilever (consumer)
- AstraZeneca (pharma)
- BHP (mining)
- Royal Dutch Shell (energy)
- GlaxoSmithKline (pharma)
Notice the complete lack of UK Big Tech? You’re not the only one.
The UK really wants a Google or Amazon
Last week, amid talks that the UK would leave the EU in a “no-deal Brexit,” the country’s top policy adviser, Dominic Cummings, informed his staff that he is figuring out ways the UK “can build [$1T] tech companies.”
Without the trade constraints of an EU deal, the UK could aggressively provide state aid to its tech industry.
The track record of government-led tech in Europe is… not good
Tech journalist Azeem Azhar writes that if the UK goes down the path of massive state support for tech, other nations could respond and close their markets off to foreign competition.