Sir James Dyson, the billionaire entrepreneur and founder of the Dyson company, has said businesses should stay confident in the wake of the EU referendum, as the vote to leave the EU will liberate the country’s economy.
Speaking to the BBC, Sir James, one of the business leaders who publicly supported leaving the EU in June, also argued the UK should be completely out of the EU single market.
“We should be absolutely out. If Europe wants free trade with us, then that’s great, if they don’t, we won’t. I don’t think it’s a problem, it’s a very minor issue. But I can’t believe that they won’t want free trade with us,” he said.
Sir James argued that it would be “suicidal” for the EU to impose tariffs on British goods as it imports £100 billion more in value than it exports.
“The last thing they are going to do is impose an import duty - it is suicidal for them,” he said.
The country would do far better if it no longer had to comply with EU rules and regulations, according to the entrepreneur.
“We can make our own laws and determine our own future and determine our own trade deals with other countries throughout the world. I think it is liberation and a wonderful opportunity for all of us,” he added.
Europe represents about 16 per cent of Dyson’s global market but Sir James said there are other very “exciting” markets outside of the EU. His own business is growing faster in China and Japan.
His comments came ahead of the official opening of Dyson’s £250 million research and development centre in Malmesbury, Wiltshire, on Wednesday.
Dyson’s revenue rose 26 per cent to £1.7 billion in 2015 and earnings were 19 per cent higher at £448 million.
In 2016, Sir Martin Sorrell, head of the advertising group WPP, and Sir James have been jointly named “most impressive business person of the year” by their peers.
According to the “Captains of Industry” report by Ipsos Mori both candidates had the backing of 14 per cent of respondents.
Sir James, who is best known for inventing the world’s first bagless vacuum cleaner is the 10th richest person in the UK with a fortune estimated by Forbes at $4.7 billion.
