Sir James Dyson's critique
Sir James Dyson has strongly criticized Labour’s Budget, labeling it as an "act of self-harm" on the UK economy. He expressed concerns over the National Insurance increases and inheritance tax changes, stating that they would hinder entrepreneurship, wealth creation, and economic growth.
Impact on businesses
More than half of British businesses are bracing for job cuts and higher prices in response to the Budget. Retail giant Frasers Group's boss, Michael Murray, described the Budget as a "punch in the face" for business, affecting retailers and consumer confidence.
Concerns over the Budget
Sir James Dyson questioned the attractiveness of starting a company in the UK following the Budget's implementation. The Bank of England's survey revealed that 54% of companies expected to raise prices and reduce staff due to the employers’ NI increase.
