Brexit backer James Dyson ditches Britain for Singapore with HQ move

PA Ready News UK

The move is likely to prove controversial as founder and owner Sir James is an outspoken supporter of Brexit.

Chief Executive Jim Rowan said the manufacturer of air purifiers, hairdryers and cleaner, lauded by politicians as a British success story, was a "global technology company", with 96 percent of its sales outside Britain. "There are huge revenue opportunities in Singapore, China is the poster child of that", he said. The corporate tax rate in Singapore is 17%, compared with 19% in the UK. What is really concerning are the hundreds of similar decisions going through board rooms right now to deal with a #NoDeal.

Nigel Farage had this response to the news that Brexit-backing businessman Sir James Dyson is to relocate Dyson's headquarters to Singapore.

Dyson's chief executive Jim Rowan said today he would describe the business as a global technology company.

Asked about the relocation, the Economic Development Board of Singapore's assistant managing director Kiren Kumar said: "Over the past decade, Singapore's manufacturing sector has been steadily transforming into one that competes based on the deep skills of our workforce, the use of advanced technologies such as robotics and automation, and a strong ecosystem of suppliers locally and in the region". Two senior executives will be transferred to the Singapore office, where the company itself will now be registered.

Rowan confirmed that Sir James was integral to the decision to ditch Britain.

Netflix shares slip as spending weighs on profits
Netflix also mentioned that it is directly competing and losing against globally iconic game: Fortnite . The company saw 8.8 million paid net additions, higher than Wall Street's expectation of 7.6 million.

Best known for making vacuum cleaners and heating and cooling devices, Dyson is increasingly looking to move into producing electric vehicles.

"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 electrical vehicle to market", the company said in a statement.

Dyson was criticized on taking the decision to relocate its head office out of the United Kingdom just two months before Brexit by British parliamentarians, including Labour MP David Lammy and Lib Dem MP Jamie Stone and Labour peer Andrew Adonis.

Mr Rowan said it would be spending £200m in new buildings and testing facilities in Hullavington, and £44m in refreshing office space and adding new laboratories in Malmesbury as well as investing £31m for the young undergraduates at its university on the same site.

Dyson has also announced that its profits in 2018 broke £1 billion for the first time, growing 33 per cent to £1.1 billion from 2017.

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