Uncertainty makes Brexit worse than Y2K for customers, says Infosys

Brexit is now worse than Y2K -- at least in terms of customer concerns, according to India’s second-largest provider of IT services.

“All of us knew Y2K would come to a head, right? In this case, nobody knows whether it’s going to be June, July, or October, or 2020,” Mohit Joshi, co-president at Infosys Ltd., said Tuesday in a Bloomberg Television interview on the sidelines on the Milken Institute global conference in Beverly Hills, California.

Brexit day came and went on March 29 and the UK is still in the European Union. The drawn-out saga of Britain’s departure from the bloc was thrown into disarray by the UK Parliament’s repeated rejection of the divorce deal negotiated by Prime Minister Theresa May. Exasperated EU leaders granted the UK another extension to Oct. 31 to provide more time for Britain to work out its domestic politics.

“It is something which is a huge concern to all our clients,” Joshi said. “What they’re telling us is that the uncertainty is really affecting them, and the uncertainty is affecting their investment plans.”