Brexit cheerleader Sir James Dyson relocates firm’s headquarters from Wiltshire to Singapore

Group said decision was made based on booming Asian demand, not Brexit or potential for lower taxes

Caitlin Morrison
Tuesday 22 January 2019 17:14 GMT
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Brexit supporter Sir James Dyson has been accused of hypocrisy after announcing his firm would move its headquarters to Singapore ahead of the UK’s exit from the EU.

The billionaire inventor, who campained for the UK to leave the European Union, had previously said he was “enormously optimistic” about Britain’s trading post-Brexit.

His decision to switch Dyson’s base from Malmesbury, Wiltshire, to Asia, has been met with widespread criticism, with some claiming the decision was a “vote of no confidence in the idea of Brexit Britain”.

Chief executive of Dyson, Jim Rowan, said the move was not linked to Brexit or lower taxes, but was merely a question of planning for the future.

He also confirmed that Sir James was an important part of the decision to switch the British headquarters to Singapore.

“It’s about making sure we are future-proofed. There are huge revenue opportunities in Singapore, China is the poster child of that,” he said.

“The tax difference is negligible for us, we are taxed all over the world and we will continue to pay tax in the UK. We will continue to invest in the UK, in Malmesbury, in Bristol and London.”

Layla Moran, MP for Oxford West and Abingdon, described the decision as being “utterly unbelievable” and accused Sir James of “staggering hypocrisy”.

James Dyson can say whatever he wants but he is ditching Britain. This can only be seen as a vote of no confidence in the idea of Brexit Britain,” Ms Morgan said.

“Rather than fleeing can I suggest he maybe donates to the Final Say campaign to help mop up some of the disaster he created. This is a damning for the government.”

In a statement the firm said: “An increasing majority of Dyson’s customers and all of our manufacturing operations are now in Asia; this shift has been occurring for some time and will quicken as Dyson brings its electric vehicle to market.

“We are now at a point where Dyson’s corporate head office will relocate there to reflect the increasing importance of Asia to Dyson’s business.”

The move was announced alongside Dyson’s full year results for 2018, when profits topped £1bn for the first time.

Turnover rocketed 28 per cent to £4.4bn and profits jumped 33 per cent to £1.1bn.

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Dyson’s decision to relocate its HQ comes months after the company revealed that it would be building its new electric car at a plant in Singapore, citing better access to markets and more readily available expertise.

At the time, Ian Murray, Labour MP and Best for Britain champion, said: “Sir James Dyson was a prominent campaigner for Brexit, unlike most business leaders who recognised the huge risk to Britain’s economy.

“Now his UK-based company has chosen to build its new electric car in Singapore. It’s hardly a vote of confidence in global Britain.

“When even someone who claims there will be a resurgence in British manufacturing after Brexit isn’t prepared to put his money where his mouth is, it raises serious questions about the future of our economy and the impact on jobs and livelihoods as a result of Brexit.”

Sir James is not the only prominent Brexiteer to move business away from the UK in the run-up to 29 March.

John Redwood MP campaigned for Brexit, but in the wake of the vote advised investors to withdraw their money from the UK and invest it in the EU instead.

Meanwhile, a City firm co-founded by Jacob Rees-Mogg MP has opened an investment fund in Ireland to avoid being cut off from the EU in the coming months.

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