Posts Tagged ‘Malmesbury’

Private Eye on the Real Reason James Dyson Is Moving His Business to Singapore

February 8, 2019

A week or so ago I put up a number of posts reporting and commenting on the outrage James Dyson caused when he announced that he was moving his company’s HQ to Singapore.

Dyson has been given a great deal of support from this country, and in the West Country he was regarded, or at least presented by the local media as a local hero. But he’s done this before. A few years ago he demanded that Bath give him more land to expand his business. They refused, so he decided instead to expand in the Far East. He needn’t have done so. If there was no room at Bath, he could have happily gone to other south-western towns. He already has plants in Malmesbury and Bristol, for example. Or gone further afield, like Wales or the north, which would also have been glad to have him. But he didn’t.

It was especially hypocritical as Dyson was telling everyone within earshot a few years ago that we should have joined the Euro. Then he decided he was backing Brexit. Now it appears that he has gone to Singapore partly because they’ve signed a trade agreement with the EU, which would make it easier for him to export his goods to them from there rather than Blighty.

Private Eye has run two pieces on Dyson in this fortnight’s edition for 8th-21st February 2019. And they make it very clearly that he’s going for the same reasons every exploitative multinational is heading abroad due to neoliberalism: to take advantages of countries with low tax rates, where workers can be hired and fired almost at will. The first article, ‘Bye-Bye Suckers!’ on page 7, runs

So Sir James Dyson’s relentless bullishness about post-Brexit Britain was so much hot air. The man who will now move his HQ to Singapore evidently has little real faith that Brexit will unleash the potential he has long claimed.

Th benefits of Singapore are likely to go beyond the proximity to his Asian empire that Dyson claims. By moving east it will also be easier to reduce workers’ rights. As Dyson told the BBC’s Andrew Marr last year: “This is controversial, but since I don’t know what orders I’m going to get next month or next year, industry, manufacturing industry’s very volatile. Not being able to flex your workforce is another big reason why you wouldn’t start a manufacturing business or expand a manufacturing business.” Elsewhere, he agreed bluntly, it was easier to hire and fire.”

This is not the most generous response to what the UK has given Dyson. Since 2012 his group has sucked up around 100m pounds in tax credits, ie discounts on its corporation tax bill. IN 2011 the then chancellor George Osborne brought in a special tax break for buyers of “energy efficient hand-dryers”, which meant…Dyson airlades.

There’s more information in the Eye’s ‘In the City’ column, entitled ‘Singapore fling’ on page 41. This runs

What is it that so attracts billionaire inventor, entrepreneur and avid Brexiteer Sir James Dyson to Singapore? Last month he announced that his privately owned Dyson group was switching legal residence to the Far East city state for “commercial reasons” and “future-proofing”. This followed the decision to produce the Dyson electric car in Singapore from 2020.

The Dyson party line is that the imminent move is nothing to do with Brexit or tax – it will still pay UK tax on UK operations – but all to do with Singapore being a lot closer to China, its main market, than Wiltshire. Who knew? Dyson’s 2bn pound move from hairdryers and bagless vacuum cleaners into cars is his biggest gamble.

So what does Singapore have over a “no deal” Brexit Britain – which Dyson welcomed? What about:

* A recent free trade agreement with the EU, to go with ones with China and the United States, plus the Singapore Freeport;

* International companies who headquarter themselves in Singapore can see corporation tax (currently 17 per cent, compared with 19 per cent in the UK) fall to 10 or 5 per cent or even zero, thanks to lengthy tax breaks and generous incentives, especially for those who create jobs;

* No tax on dividends – the Dyson family could have paid 38 per cent on the 86m pound dividends for 2017 (down from 111m) from the parent Weybourne Group;

* No capital gains tax on a future sale or inheritance tax (IHT) (Dyson is 71);

* Less stringent corporate disclosure and governance requirements for private companies (a Dyson moan);

* Finally, no risk from a Corbyn government targeting the rich.

Dyson moved control offshore once before – to Malta in 2009 – then returned in 2013. He has also legitimately taken advantage of film tax schemes and IHT-efficient investments in agricultural land. Still, Singapore tax and access attractions clearly played no role in the move east by this latter-day Stanford Raffles, who assured Leave voters that no deal with the EU was no problem because “they’ll come to us”. Now it seems Dyson has decided to go to them.

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Dyson Claims Not Leaving Britain Because of Brexit; Still Hypocrite Though

January 25, 2019

There was outrage a few days ago when James Dyson announced he was shifting his company headquarters from Malmesbury to Singapore. Dyson was one of the leading voices for Brexit, claiming that it would allow us to trade with the rest of the world outside the constraints of Europe. Now that this has actually happened, Dyson isn’t so keen. And people have been understandably furious.

So furious in fact that Dyson has issued a statement denying that he’s leaving the UK because of Brexit. No, according to him, the decision was taken months ago. It’s all because he was afraid that the ten hour time difference between Britain and Singapore would make running the Singaporean plant from the UK difficult. Mike over at Vox Political found this story unconvincing, and he’s right. Mike asked

Isn’t it more feasible that he just wants to avoid having to pay increased import-export tariffs, and wants to avoid increased taxes that are likely if Brexit harms the economy in the way the experts expect?

See: https://voxpoliticalonline.com/2019/01/24/im-no-hypocrite-says-dyson-of-singapore-move-does-he-expect-us-to-believe-him/

Someone else who didn’t believe all this spin and horse sh*t was Zelo Street, who reminded their readers that 18 years ago, Dyson told the Beeb that he would leave the UK for the Far East unless we joined the European single currency. Yep, the single currency that has bankrupted Ireland, Portugal, Spain, Italy and Greece. And Andrew Adonis tweeted another reason, quoted by Zelo Street: Singapore signed a free trade agreement with the EU three months ago, so if Dyson moves his HQ there, he has more access to European markets. Zelo Street concludes

“Dyson urged Britain to walk away, even to the extent of not securing a deal with the EU, while all the time he was planning to move his HQ somewhere which would secure him access to … the EU. As the saying goes, you couldn’t make it up.

Do as I say and not as I do, says James Dyson. There speaks another phoney patriot.”

See: http://zelo-street.blogspot.com/2019/01/james-dyson-eure-hypocrite.html

But that is not all. As I’ve said before, Dyson’s a big, molten god of industry here in the West Country, and there was a report about this on the local Beeb news programme, Points West. Dyson, pictured wearing his ‘Harry Potter’ glasses, once again denied that he was leaving Britain because of Brexit, and said he would continue to maintain his plants in Malmesbury, Hullavington and Bristol. The piece interviewed a lady from the town’s chamber of commerce, who said they had absolute faith in him, and talked to some of the people there. It’s fair to say they had mixed opinions. Some were convinced that he’d honour his commitment to the town, while one lady was less sanguine, and said it made her furious.

I’m not convinced either. Dyson has repeatedly shown how little faith and commitment he has in Britain. As I said in an earlier article, he demanded that Bath give his firm more land a few years ago. When they were unable to, he upped and moved to the Far East. He could have remained in the UK, even bringing jobs to depressed areas like the north. He didn’t. He followed the usual neoliberal logic and jumped ship to take advantage of the Developing world.

He’s a hypocrite and a liar and I have zero confidence in his continuing commitment to the people of Britain and particularly the West Country.

Hypocrite Brextremist James Dyson Abandons Britain for Singapore

January 23, 2019

Mike over at Vox Political has put up a piece reporting that James Dyson, the multimillionaire inventor of the vacuum cleaner that bears his name, has abandoned Britain for Singapore after strongly promoting Brexit. He was one of the leading industrialists in Britain supporting the ‘Leave’ campaign, and when they won, he told the rest of us that leaving the EU’s single market would liberate the UK’s economy and allow us to make other trade deals with the rest of the world. He also said that we should leave the EU without worrying about an interim deal, because ‘uncertainty is opportunity’, and that they would come to us if we just walked away.

Dyson has shown how much faith he has in the British economy now that they’re due to leave the EU and the possibility of a ‘No Deal’ Brexit is unfortunately all too strong: he’s decided to abandon his present headquarters in Malmesbury for Singapore. He hasn’t any, and Mike’s article on this has a series of tweets from people criticizing him for his decision. One of those is ‘Shop Steward’, who tweeted

“The thing is he’s a multimillionaire so he could stay here and still make a profit In fact he could stay here, improve workers pay & conditions, and still make a profit …but greed won’t allow that. No, profit must be maximised at all costs because enough is never enough.”

Quite. Another commenter, Paul Bernal, asked how many other Brexiters have to leave the UK, either personally or just their businesses, before voters realise they were being conned. Gavin Esler, who I remember was the name of one of the Beeb’s foreign journalists, reported that P&O has just re-registered its UK fleet to Cyprus before Brexit.

Deeply Unhelpful Shelly responded to this with the observation that are probably very many others, who won’t make it public because they fear being attacked by the ladies and gentlemen of the media. Mike also observes that while P&O didn’t promote Brexit, they are sending a message to other businesses that they should get out while they can.

As for Dyson, Mike says

Dyson is on record, not just as a Brexiteer but as a Brextremist, and his decision reeks of the worst kind of hypocrisy.

He supported Brexit; he influenced other people to support it; and now he is abandoning us to the consequences while he scarpers, taking his business and any benefit it has for the economy with him.

Make no mistake: This man is toxic.

He has helped inflict economic ruin on the UK, both by encouraging us into Brexit and by taking his business out of the country before it happens.

See: https://voxpoliticalonline.com/2019/01/23/taking-vac-control-how-many-brextremist-bosses-will-leave-before-we-realise-weve-been-conned/

I’m not surprised that Dyson has run off to Singapore. He has previous on this. Here in the West Country, Dyson was regarded as one of the great molten gods of local business. Following the success of his vacuum cleaner, he appeared several times on the local news programme in the Bristol/ Somerset/Gloucestershire/Wiltshire are, Points West, whenever there was an item about local authority initiatives to boost business. But as I reported in a previous article, Dyson has moved his business out of Britain before. A few years ago he demanded that Bath council should allow his factory in the area more space to expand. The council told him they couldn’t. So Dyson picked up his ball like a grumpy child unable to get its way, and went elsewhere. I think he moved his business to Indonesia, or somewhere else in the Far East.

He didn’t have to do that. His business was perfectly profitable here in the UK. If there wasn’t enough space for it to expand in the area around Bath, he could have moved it elsewhere in the West Country or Britain. There would have been plenty of other places in Britain which would have been delighted to have him bringing work and jobs, particularly in the depressed areas of the North.

But Dyson didn’t take that option. He went to the Far East, where he knew he could make even bigger profits through exploiting the lower wages and poorer working conditions in the Developing World. This is the logic of neoliberalism. It’s done to allow capital to move their businesses around the world in order to reduce wages and take advantage of lower taxes in these countries. Just as Jacob Rees-Mogg has part of his money invested in Far Eastern companies through his capital management firm. And you can bet that the wretched authors of Britannia Unchained, who also believe that Brits should work longer hours for less pay in order to compete with the Developing World, are likewise also ready to run out on Britain the moment it suits them.

Dyson is a massive hypocrite, but he’s just one of many rich, Brexiteer businessmen, who promise that Brexit will bring prosperity and jobs to Britain, but realise only too well that it won’t. They’re now running off to the real low wage, low tax havens in the rest of the world, whose people they really want to exploit.

He’s toxic, and so are the rest of them. And they’re determined to wreck Britain. His attachment to Britain and the West Country was always questionable. We’ve lost nothing by his departure, but we should never have listened to him and those like him in the first place.