Sir James Dyson has criticised plans for two “tax grabs” which he has said will stop businesses from boosting the economy.
The entrepreneur has taken aim at the planned increase in corporation tax from April and efforts to introduce levies on subsidiaries of UK multinational companies.
In a letter to the Chancellor, seen by the Sun, he said: “Is it any wonder that the economy is teetering on recession, or that companies like AstraZeneca are deciding to take their investment elsewhere?”
Corporation tax will rise next month from 19pc to 25pc while Jeremy Hunt said in autumn that he would bring in a 15 per cent tax rate for subsidiaries of large UK multinationals from the end of 2023.
Mr Dyson said: “The Government has done nothing but pile tax upon tax on to British companies.”
He referred to Dyson’s £2.4bn investment in the UK on research and development and also a new campus in Wiltshire which employs 3,500 people.
He said: “You can be sure that all those numbers will reduce as a result of this measure, which amounts to yet another tax grab by governments on the basis that they know better than the private sector how to create wealth.
“It will do nothing for growth, domestic or international. A glance at the appalling wastage and inefficiency in the public sector shows that this is simply a race to the bottom.”