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UK’s economy approach is ‘stupid’, Dyson says

EconomyUK's economy approach is 'stupid', Dyson says

Sir James Dyson has accused the government of taking a ‘silly’ and ‘shortsighted’ approach to the UK economy and business.

He said growth “became a dirty word” during Rishi Sunak’s tenure.

In a letter to The Telegraph Daily, the Dyson founder called on the government to “encourage private innovation and demonstrate ambition for growth.”

Level Up Secretary Michael Gove said the government was “fired with all its guns” to help businesses.

UK's economy
Billionaire businessman Sir James Dyson criticised the Government’s approach to the economy (Stefan Rousseau/PA)

Lord James, a prominent Brexit supporter who is worth £23 billion according to the Sunday Times Richlist, said the government would “impose taxes on businesses, believing that punishing the private sector would be a free victory.” I believe that it is possible. “It’s as shortsighted as it is stupid. In a global economy, companies will simply choose to relocate jobs and invest elsewhere,” he warned.

The high-profile businessman’s comments come after the government announced his £25bn tax increase in the fall.

One of the mini-budget directives that were withdrawn was changes to the corporate tax payable to the government by UK companies and foreign companies with branches in the UK. It is expected to rise from 19% to 25% in April.

What is corporate tax? who should pay?

James Dyson:

From wheelbarrows to billions Businesses and households in the UK are also grappling with the highest inflation rate in 40 years, with energy prices causing price hikes in the chain of supply.

Chaz Curry is one of the thousands of business owners closing in 2022. He told the BBC that he had decided to close Roots Cycle Works, a bike repair shop based in Exmouth, due to several factors including inflation, import problems, parts supplies, and declining disposable incomes for his customers. He will start a new job next month.

“All this pressure is kind of death by a thousand cuts,” he told the BBC’s Today show. I’ve seen it go.”

Curry said he was not seeking government support, but some business policies were “rather unilateral” and that the end of Boris Johnson’s term and the subsequent Conservative leadership election meant he He added that he believes that the At the time, governments abroad “appeared to be acting to put money back into the pockets of the general public”.

“Are you thinking a little more creatively? Yes, maybe,” he said.

“Covid inertia”

In his commentary, Sir James reiterated his concerns about policies regarding working from home after the peak of the coronavirus pandemic.

He said the government “does not yet need to order workers to go back to work” after “ordering workers to stay home”.

“It seriously hurt the work ethic of the country,” he said.

He argued that “the importance of personal collaboration, shared culture, mental health, productivity, and performance, or training of new hires and young employees was not emphasized”, which he argued was “an It is the foundation of employee success.”

But entrepreneurs say the UK can “shake off the Covid inertia” and “turn things around, but only if fast-growing companies are allowed to thrive here”. writing. He said the government has a “role to play” starting with the spring budget in March.

“We need to encourage private sector innovation and show ambition for growth,” he said.

But Gove dismissed Sir James’ view that the country needs to “shake off the inertia of the coronavirus” and said the government was determined to bring down inflation and boost the economy.

“When we are accused of being lazy, I think it’s important to highlight the dynamism that is pursuing smarter regulation in many ways to help businesses,” he told the BBC.

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