The UK was once again plunged into uncertainty last week, after a shock election result saw Theresa May lose her majority and weakened her mandate to carry out her Conservative manifesto. Despite growing controversy surrounding her actions, a deal with Northern Irish party DUP has enabled her to cling onto her position as Prime Minister. So what will Theresa May’s Conservative government mean for the tech industry?
Hard Brexit
The Conservatives entered the election with one main promise: a Hard Brexit. May has continually reiterated her belief that “no deal is better than a bad deal for the UK,” meaning that should a deal not meet the Conservative’s requirements, Britain could be left on their own.
For the tech industry, this scenario would be bad news. Financial technology firms would suffer if the City of London was cut off from passporting rights, giving fintech firms no option but to move elsewhere. Investment from Europe and abroad would likely slow, as the UK’s potential to lead the sector fades.
Increased regulation
Theresa May has made no secret of her intention to increase internet regulation, a vow that was strengthened in the wake of the recent terror attacks on London.
The Conservative manifesto made several references to increasing the government’s power over the regulation of the internet, a worrying thought for many in the wake of the Investigatory Powers Act which came into effect in December 2016. The controversial act, dubbed the Snooper’s Charter placed Britain under some of the widest-ranging spying powers ever seen, giving the government the power large set of new powers – including the ability to collect the browsing records of everyone in the country and have them read by authorities as diverse as the Food Standards Agency and the Department for Work and Pensions.
A line from May’s manifesto reads: “Some people say that it is not for government to regulate when it comes to technology and the internet. We disagree.”
Specific policies include “an industry-wide levy” against social media companies and communication service providers to fund “awareness and preventative activity” to counter harmful behaviour on the internet.
One of the parties biggest policies is a”digital charter.” The new regulatory framework, drawn up with charities and technology companies, would aim to govern the way users and businesses act online.
“This charter has two fundamental aims: that we will make Britain the best place to start and run a digital business; and that we will make Britain the safest place in the world to be online,” the manifesto reads.
May’s plan to turn up the heat on social media companies has sparked significant controversy, causing many to speak out and highlight the work they already do to combat extremism online.
…and a few good things
For consumers, the Conservative manifesto also offered some concessions. The party have spoken of plans to increase access to the internet, promising simpler broadband switching and pricing, as well as universal access to “high speed broadband” by 2020.
The manifesto also promises “uninterrupted mobile phone signal” on roads and railway lines, and Wi-Fi access on all major trains.