Sir James Dyson accused the government of taking a stupid and short-sighted approach to the economy and business in the UK.
Sir James, a prominent supporter of Brexit, said the government believed that tax upon companies could be imposed in the belief that penalising the private sector is a free win at the ballot box. This is as short-sighted as stupid. In the global economy, companies will simply choose to transfer jobs and invest elsewhere, he warned.
The businessman's comments came after the government announced in autumn 25 billion worth of tax rises in an effort to restore credibility to the UK's finances after the economic collapse of the Liz Truss and Kwasi Kwarteng mini-budget.
Changes to corporation tax are paid to the government by UK companies and foreign companies with UK offices and are one of the many mini-budget polices reversed. It is expected to increase from 19% to 25% in April.
The UK businesses and households are dealing with the highest rate of inflation for the last four decades, with energy bills driving price rises through supply chains.
He said the government had yet to direct workers to return to workplaces after ordering them to stay at home. But the entrepreneur said that the UK could turn things around, but only if fast-growing companies are allowed to thrive here.