Sir James Dyson has criticized Rishi Sunak and Jeremy Hunt, accusing the government of not “pursuing growth”.
The billionaire inventor said wealth generation and growth had become “dirty words” under the leadership of the Prime Minister and Finance Minister.
He praised his predecessors Liz Truss and Kwasi Kwarteng, saying he “thought they were doing the right thing”.
Sir James, who made his fortune inventing the bagless vacuum cleaner, said Britain was now too focused on tackling inflation rather than growing the economy.
“If you lower inflation and kill growth, I think you’re in trouble,” he said.
“I’m disappointed that we won’t grow,” he added.
Sir James Dyson said he was disappointed Britain was not pursuing growth
(PA wire)
The Brexit supporter said his criticism was also directed at the Labor Party under the leadership of Sir Keir Starmer and Rachel Reeves.
This comes a day after revised official figures showed that the British economy was performing worse than previously thought. In a blow to Sunak, the Office for National Statistics lowered its estimates of Britain’s economic performance this year.
It said gross domestic product fell 0.1 percent in the three months to September, down from a previous estimate that was flat.
She said Britain saw no GDP growth at all in the April-June period, compared to a previous estimate of 0.2 per cent.
Following the figures, Richard Carter, head of fixed interest research at Quilter Cheviot, said: “Growth is weakening and interest rates are already starting to bite, and while a recession has only just been avoided so far, there is no guarantee that a recession will be avoided.” In 2024.”
He added, “Rishi Sunak’s pledge to grow the economy is now in serious doubt.”
“The decline in GDP in October, the growing impact from previous interest rate increases, and industrial action holding back activity in some sectors, means the economy in the fourth quarter is likely to decline,” said Martin Beck, chief economic adviser for EY Item Club. . A flat line at best, with a serious possibility of a technical slump.
UK inflation fell to 3.9 per cent in November, its lowest level in more than two years, driven by lower fuel prices.
Rishi Sunak and Jeremy Hunt have been criticized for the slowdown in the UK economy
(Getty Images)
In an interview with The Daily TelegraphSir James said: “I’m disappointed we won’t grow… I’ve made that very clear.
“I was optimistic [with Liz Truss and Kwasi Kwarteng]. I thought they were doing the right thing, and I was the only one who did it. Kwarteng was not raising taxes. It’s been growing, which I think is the right thing. “It allows us to pay for things and generates wealth.”
Kwarteng was sacked by Truss in the final days of her ill-fated premiership after unfunded tax cuts led to a fall in sterling and higher prices for mortgages and government debt.
She resigned as prime minister a few days later amid the fallout from last fall’s disastrous so-called mini-budget.
Sir James continued: “Wealth generation and growth have become dirty words. I have always believed that inflation is not the enemy that everyone thinks it is. If you have growth, a little inflation doesn’t matter. “If you lower inflation and kill growth, I think you’re in trouble.”
He said Britain lacked enthusiasm for “wealth creators” compared to the United States.
A Treasury spokesman said: “The UK is a pro-growth country and has grown faster than France, Germany, Italy and Japan since 2010, and this is set to continue with the IMF saying we will grow faster than France and Germany in the long term.” -condition.
“We again saw inflation fall this week to help everyone’s money get going, and the Office for Budget Responsibility expects action in the Autumn Statement, including introducing the biggest package of tax cuts since the 1980s and cutting National Insurance for 29 million people, will further boost growth. “.