Sir James Dyson slams Labour’s Budget as an ‘act of self-harm’ on the UK’s economy
SIR James Dyson has attacked Labour’s Budget as an “act of self-harm” on the economy.
The rap came as more than half of British businesses brace for job cuts and higher prices.
Sir James, one of Britain’s best known entrepreneurs, has slammed the double-whammy of National Insurance increases and inheritance tax changes.
He says it will “kill entrepreneurship, snuff out wealth creation and stunt growth”.
The bagless vacuum cleaner and speedy hair dryers inventor wrote in a letter to the Telegraph: “Why would anyone start a company in the UK?”
“The hit delivered by Labour to business and the destruction of British family-owned businesses especially is an egregious act of self-harm.”
The barrage of complaints did not stop there, with the boss of retail giant Frasers Group saying the Budget was “like a punch in the face” for business.
Michael Murray told The Sun that it would have a dramatic effect on retailers and had already “destroyed consumer confidence”.
The group, which employs 20,000 staff and owns Sports Direct, House of Fraser and Flannels, said the budget had added £50million in costs.
A Bank of England survey found that 54 per cent of companies expected to raise prices and cut staff as a result of the employers’ NI increase.
Growth takes hit
THE recent Budget threatens to stifle growth, investment and spending, according to the latest analysis.
A CBI survey of companies found the UK would grow at a “steady yet unimpressive pace”.
The business group cut forecasts for investment by £6billion, saying it would be “lower than what we would have expected before the Budget”.
It also forecasts interest rates staying higher which will add to borrowing costs.
CBI chief economist Louise Hellem said: “The Budget will increase firms’ costs at a time when their profit margins have already been under pressure.”