Dyson tells Hunt: your tax grab sucks

As tax rates rise in the UK, so do business jitters. The windfall tax on oil and gas companies – raising tax on profits to 75 per cent this year – has energy companies openly discussing plans to divert money elsewhere. The looming hike in corporation tax – from 19 per cent to 25 per cent for the largest companies – also has the businesses talking about future investment strategies. 

So far, Chancellor Jeremy Hunt seems unconvinced that investment threats will amount to much. His Budget next week is expected to confirm the corporation tax rise in April. But the backlash is growing: from MPs in his own party who are worried about the economic ramifications of raising tax as the economy teeters on the edge of recession, to business leaders who fear the UK is becoming less business friendly. 

Today saw one of the biggest interventions yet as James Dyson issued a stark warning to Hunt.