Become an MP if you think you can do better, Hunt tells Dyson

JEREMY HUNT has told the entrepreneur Sir James Dyson to run for election himself if he wants to set government policy.

A clash between the Chancellor and one of Britain’s most high-profile businessmen occurred during a meeting at No11 Downing Street last week, which was arranged to discuss research and development tax relief.

While insisting the meeting was “courteous”, a Whitehall source said: “No voices were raised, but Jeremy just pointed out that as someone who used to run his own business, he knows that changing things in the public sector is more complex than the private sector, and so maybe Sir James should give it a try and find out for himself.”

The dispute, which was first reported by the Financial Times, took place after what was said to be an “awful meeting”.

Sir James, who has claimed to have invested £1.7bn in Britain over the past five years, employs 3,700 people in the UK and was ranked this year as the country’s sixth-largest taxpayer, has been a vocal critic of Government policy in recent months.

In December, he told The Telegraph that the economy was falling behind because of its reluctance to prioritise growth. “Wealth generation and growth became dirty words. I’ve always believed that inflation isn’t quite the enemy everyone thinks it is,” he said.

“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.”

It comes after Britain slipped into recession during the final months of last year. Previously, the vacuum entrepreneur praised Kwasi Kwarteng, Mr Hunt’s predecessor, for his ambition to cut taxes and boost growth.

Mr Kwarteng was the architect of the Government’s ill-fated mini-budget in 2022, as his attempt to slash taxes led to a drastic slump in the pound and his eventual removal as Chancellor.

In comments made three months ago, Sir James said: “I’m disappointed we’re not going for growth. I’ve made that plain. I was hopeful [with Liz Truss and Mr Kwarteng]. I thought they were doing the right thing – I’m the only one who did. Mr Kwarteng wasn’t raising taxes. He was going for growth, which I think is the right thing. It allows us to pay for things and generates wealth.”

Since replacing Mr Kwarteng, Mr Hunt has cut the rate of National Insurance although the overall tax burden is still rising. A Dyson spokesman said: “We never comment on private meetings.” The Treasury said: “We do not comment on private meetings.”

‘Jeremy said that changing things in the public sector is more complex than the private sector’