Billionaire Dyson blasts 'spiteful' tax hikes in British budget

The tax hikes on British businesses in Chancellor Rachel Reeves' first budget will lead to the "death of entrepreneurship" and could "kill off" growth, according to Mr James Dyson, the billionaire founder of vacuum cleaner maker Dyson.

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In an opinion piece for The Times newspaper, the tycoon said that the new Labour government's fiscal plans are "spiteful" and will cause small businesses to suffer. Mr Dyson is Britain's wealthiest resident, with a fortune of US$21 billion (S$27.9 billion), according to the Bloomberg Billionaires Index.

"Make no mistake, the very fabric of our economy is being ripped apart. No business can survive Reeves' 20 per cent tax grab. It will be the death of entrepreneurship," he said, referring to an inheritance tax clampdown on business owners announced in the budget.

"It detests the private sector and has chosen to kill off individual aspiration and economic growth."