Entrepreneur Sir James Dyson is urging the government not to lift taxes on businesses, claiming that a double tax grab will hurt the economy.
In a letter to Jeremy Hunt, seen by The Sun, Dyson warned the chancellor of the “unintended consequences” of hiking corporation tax and bringing in a new global levy on multinationals agreed by the OECD.
Dyson, who has criticised Rishi Sunak’s administration before, told Hunt that the Government has “done nothing but pile tax upon tax on to British companies.”
He reminds the chancellor that pharmaceuticals firm AstraZeneca recently chose to build a $360m advanced manufacturing factory in Ireland, not the UK, and cited ‘discouraging’ UK tax rates.
He writes: “Is it any wonder that the economy is teetering on recession, or that companies like AstraZeneca are deciding to take their investment elsewhere?”