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Analyses Last Updated: Sep 17, 2017 - 9:21:58 AM

Sir James Dyson: Make a clean break from Europe without an interim deal
By Alan Tovey, Telegraph, 14 September 2017
Sep 16, 2017 - 11:23:49 AM

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Britain should make a “clean break” from the EU and abandon attempts to thrash out a transitional deal, according to vacuum cleaner entrepreneur Sir James Dyson.

A leading figure in the Leave campaign, Sir James said it was “quite wrong” to call the EU a “single market”, saying companies operating across Europe already face different languages and laws.

The billionaire claimed the EU was “actually a very highly complex and broken up market” and that Britain should instead focus on other fast-growing markets worldwide.

Speaking as the first students began studying at Dyson’s own engineering and technology “university” at the company’s Wiltshire headquarters, Sir James called for Britain to move straight to a trade tariff system.

"You end up having to do one transitional arrangement, and then another one,” he said in a Sky News interview. “So just have a clean break, it's not a big deal.

“Europe is a declining part of world trade. The fastest growing sector is in the Far East, China… That’s where the opportunities are - not Europe.”"

Speaking to the BBC, Sir James said his company already pays the WTO tariff into Europe "and it hasn't hurt us at all - we're one of the fastest growing companies in Europe".

His comments came as doubts grew as to whether Britain would be able to negotiate trade deals with Europe, and would have to crash out of the trading bloc and face tariffs on foreign trade.

Jean-Claude Juncker, ratchet up the tension, with the European Commission president warning that Britain would “regret Brexit”.

However, Sir James took the opposite view saying that “business is about uncertainty”, something which Brexit is creating.

"There's always uncertainty in business, about exchange rates, conditions in markets, natural disasters,” he added.

"I think uncertainty is an opportunity, and the opportunity here is actually that the rest of the world is growing at a far greater rate than Europe, so the opportunity is to export to the rest of the world and to capitalise on that."

Privately-held Dyson, which is famed for its innovative vacuum cleaners, fans and dryers, is one of the leading investors in technology in the UK, and is focusing on areas including robotics, battery cells, vision systems, machine learning, and artificial intelligence.\

It currently employs about 3,500 people in the UK, mainly at its base in Malmesbury, but manufactures its products in the Far East, with a global staff totalling 8,500.

Earlier this year the company acquired a 517-acre  former RAF airbase in Wiltshire to help with its expansion plans. Sir James said owning the 250-acre site raised the possibility of the company - which has annual sales of £1.7bn and profits of £450m - restarting production in the UK if the economic conditions were right.

Source:Ocnus.net 2017

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