James Dyson Slams Rachel Reeves for 20 Percent Family Business Tax
- Sir James Dyson criticized Rachel Reeves for her proposed inheritance tax changes affecting family businesses.
- Changes include a 20 percent tax on assets over £1 million starting April 2026, which Dyson argues will harm entrepreneurship.
- Yvette Cooper defended the Budget as necessary for addressing public finance issues and fostering economic growth.
James Dyson accused Rachel Reeves of undermining entrepreneurship with changes to inheritance tax during a review of the Budget. Effective from April 2026, family businesses transferring assets over £1 million will face a 20 percent tax. This policy has drawn condemnation from Dyson, who referred to it as a 'death tax' that threatens established family businesses and discourages the creation of new ones. He argued that such taxation could lead to a decline in entrepreneurship in Britain. Yvette Cooper, in response to Dyson’s criticism, defended the Budget, stating it is necessary to address public financial problems inherited from the previous government and to facilitate economic growth. The Labour Party is under pressure as critics warn the tax changes could harm rural voters and farmer mental health, drawing attention to broader implications for public services funding and support for small businesses.