Inventor Sir James wants leaders to ‘go for growth’
SIR James Dyson has accused political leaders of not “going for growth” after official figures showed the UK is at risk of falling into a recession.
Between July and September, gross domestic product (GDP) fell by a revised 0.1% against the zero growth initially estimated, the Office for National Statistics (ONS) said.
It also flatlined during the second quarter of the year, after prior estimates showed 0.2% growth, painting a bleaker picture for the overall economy.
If GDP contracts between October and December then the economy will have entered a technical recession, which can be defined as two consecutive quarters of negative growth.
In an interview with The Telegraph, Sir James said wealth generation and growth had become “dirty words” as the nation’s political leaders emphasise cutting inflation.
The inventor, 76, told the paper: “Wealth generation and growth became dirty words. I’ve always believed that inflation isn’t quite the enemy everyone thinks it is. If you’ve got growth, a bit of inflation doesn’t matter. If you get inflation down and kill growth, I think you’re in trouble.”
Sir James also praised the aggressive, tax-cutting economic policies of former chancellor Kwasi Kwarteng and former prime minister Liz Truss.
“I’m disappointed we’re not going for growth,” he said.
“I was hopeful (with Ms Truss and Mr Kwarteng). I thought they were doing the right thing - I’m the only one who did. Kwarteng wasn’t raising taxes. He was going for growth, which I think is the right thing.”
Industries including film production, engineering and design and telecommunications showed a weaker performance during the third quarter than statisticians initially thought.
Chancellor Jeremy Hunt said the economic outlook should not be dampened by the worse-thanexpected figures. He said: “We’ve seen inflation fall again this week, and the OBR (Office for Budget Responsibility) expects the measures in the autumn statement, including the largest business tax cut in modern British history and tax cuts for 29 million working people, will deliver the largest boost to potential growth on record.”