Sir James Dyson has accused the government of having a “stupid” and “short-sighted” approach to the UK economy and business.
The founder of tech company Dyson said growth “became a dirty word” during Rishi Sunak’s tenure.
In a letter to the Daily Telegraph, the businessman called on the government to “encourage private innovation and demonstrate its ambition for growth”.
The BBC has asked the government for comment.
Sir James, a prominent Brexit supporter, said the government believed it could “impose taxes on taxes on corporations, in the belief that punishing the private sector is free victory at the ballot box”.
“It’s as short-sighted as it is stupid. In the 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 £25bn in tax hikes in the autumn.
One of the many mini-budget directives reversed was changes to the corporation tax paid to the government by UK companies and foreign companies with UK branches. It is expected to rise from 19% to 25% in April.
UK businesses and households are also grappling with the highest rate of inflation in four decades, with energy bills driving price hikes in supply chains.
In his commentary, Sir James reiterated his concerns about work from home policies following the peak of the Covid pandemic.
He said the government “has not yet had to order workers” to return to work after “ordering them to stay home”.
“It has severely damaged the country’s work ethic,” he said.
But the entrepreneur wrote that Britain “could turn things around, but only if fast-growing businesses are allowed to thrive here”.
“And we must act quickly – it’s a global race and our competitors are hungry.”
He said the government had a “role to play” that began with the spring budget in March.
“It needs to incentivize private innovation and demonstrate its ambition for growth,” he said.
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