Billionaire industrialist Sir James Dyson has issued a renewed warning about the direction of UK economic policy under the Labour government, condemning proposed increases in National Insurance and corporate taxation. Dyson has previously criticised both Conservative and Labour administrations for failing to create an environment conducive to scientific research and industrial growth. His latest intervention, made in response to Labour’s budget plans, claims the current strategy risks damaging British competitiveness and discouraging investment.

Labour’s economic programme, presented by Chancellor Rachel Reeves in the 2025 Spending Review, includes a rise in employer National Insurance contributions for higher earners and a tightening of tax reliefs used by high-net-worth individuals. The package is intended to fund capital investment in infrastructure, housing, public services, and industrial decarbonisation. Treasury officials have confirmed that the measures will generate over £10 billion in additional revenue over the next fiscal cycle.

Business reactions have been divided, with some sectors welcoming clarity and long-term funding commitments, while others raise concerns about the cumulative cost burden. The Confederation of British Industry projects economic growth of 1.2 percent in 2025, warning that taxation changes, coupled with global pressures including US …