The founder of Dyson criticized the new British budget and warned that “malicious” tax increases will stifle economic growth_Rolling News_Finance_Securities Star

(Original title: The founder of Dyson criticized the new British budget and warned that “malicious” tax increases will stifle economic growth)

Zhitong Finance APP has learned that billionaire James Dyson, founder of vacuum cleaner manufacturer Dyson, said that the tax increases on British companies in British Chancellor of the Exchequer Rachel Reeves’ first budget will lead to “entrepreneur spiritual death” and could “kill” economic growth.

The tycoon said in an opinion piece that the New Labor government’s financial plans were “malicious” and would cause small businesses to suffer. Dyson is Britain’s richest man with a fortune of $21 billion, according to the Bloomberg Billionaires Index.

“There is no doubt that the fabric of our economy is being torn apart. No business will survive Reeves’ 20 per cent tax grab. It will be the death of entrepreneurship,” he said, referring to the budget released last Wednesday. Estate taxes for business owners.

“It hates the private sector and chooses to stifle personal ambition and economic growth,” he said.

The comments were the highest-profile attack by a British business leader since Reeves’ budget, as companies were forced to shoulder the bulk of her £40bn tax increase.

While Labor had been on a charm offensive against business ahead of its landslide victory at the July 4 election, businesses were targeted by Reeves in Wednesday’s budget. She announced the biggest tax increase in more than 30 years to raise funds to shore up public finances and improve public services, including increasing business national insurance contributions.

The UK Treasury did not immediately respond to a request for comment.

Reeves said in an interview on Sunday that she was “not immune” to criticism of her tax plan, but said, “We have to raise money to put our public finances on a solid footing.”

Dyson said Reeves was “killing existing family businesses and killing any incentive to start new ones” after he announced plans to boost revenue by reducing business property relief from inheritance tax for wealthy entrepreneurs.

“Reeves ignores the fact that the wealth of this country is not created by government but by private business and entrepreneurs,” Dyson said. “It is incredible that Labor is proud to boast about its attempts to attract foreign investment. , while killing local businesses.”

It is understood that Dyson has been outspoken about the British government’s policies and is one of the few people in the City of London who supports Britain’s withdrawal from the European Union.