Martha Lane-Fox, president of the of the British Chambers of Commerce, said she sees Brexit as the main issue facing UK businesses.

“Brexit affected the skills base full-stop,” she said on this week’s episode of In the City. Fox joined NFX General Partner Pete Flint for a panel discussion hosted by Bloomberg’s Stephen Carroll at the GROW Summit in London.

Flint said he’s optimistic about the UK’s chances of replicating a San Francisco-style hub of business success, describing the country as “a great environment for immigrants to come.”

But there’s still a way to go, he added. “I would absolutely not advise any company that I’m backing to go public in the UK.”