Dyson won’t be the last business to cut jobs

A major new factory from one of the American tech giants perhaps? Or a new lab from one of the pharmaceutical giants? Or, best of all, a huge new green energy fund. The newly appointed Chancellor Rachel Reeves was probably hoping for some positive investment news for her first week in office, especially as she has decided, in an unprecedented move, to make ‘growth’ a ‘national mission’. Instead, one of the UK’s best businesses has cut almost a third of its UK workforce – and that will just be the start of the corporate exodus from Labour’s Britain.

Dyson will argue that its decision to axe 1,000 jobs in the UK, announced today had nothing to do with the election of a new government. It had been planned for months. Well, perhaps. In fact this is a company that racked up record revenues of more than £7 billion last year, up 9 per cent year-on-year.