By Mike Butcher
What does leaving the EU’s Digital Single Market (DMS) mean for UK startups? No-one actually knows. That’s why three UK VCs are backing an initiative to assess the impact of what leaving the DSM could mean for UK tech startups, if, as is predicted, the UK does leave the EU next year.
UK Prime Minister Theresa May previously announced the UK will be leaving the DSM when it formally leaves the EU next year, but, according to sources who spoke to TechCrunch, no industry consultation took place on this decision.
The idea behind the DSM, launched in May 2015 and heavily backed by the UK Government at the time, was to tear down regulatory walls and move from 28 national ‘digital’ markets to a single one. The prediction was that this would contribute €415 billion per year to the EU’s economy and create hundreds of thousands of new jobs.
It’s been made one of the European Commission’s 10 political priorities and is made up of three policy pillars, as outlined below: