Jeremy Hunt tersely told billionaire inventor James Dyson to put up or shut up with his criticism of the government in a frosty meeting last week, it emerged today.
Mr Hunt clashed with Sir James after the the outspoken engineering guru made a series of public attacks on economic policy in recent months.
In a meeting in Downing Street Mr Hunt told the Brexiteer businessman: ‘If you think you could do a better job, why don’t you stand for election?
Sir James, who moved to Singapore in 2019 before returning tot he UK, had questioned Mr Hunt’s obsession with bringing down inflation in December last year, using a newspaper interview to urge the UK to focus on growth instead.
He also said he had backed the economic plans of Liz Truss, which led to her removal from power amid market turmoil.
In a meeting in Downing Street Mr Hunt told the Brexiteer businessman: ‘If you think you could do a better job, why don’t you stand for election?
Sir James, who moved to Singapore in 2019 before returning tot he UK, had questioned Mr Hunt’s obsession with bringing down inflation in December last year, using a newspaper interview to urge the UK to focus on growth instead.
‘Wealth generation and growth became dirty words,’ he said, adding: ‘If you’ve got growth, a bit of inflation doesn’t matter.’
Mr Dyson was pictured emerging from last Wednesday’s meeting, which one source told the Financial Times had been ‘fiery’ – a description played down by No11.
Last year he said wealth generation and growth had become ‘dirty words’ as the nation’s political leaders emphasise cutting inflation.
The inventor, 76, told the Telergraph: ‘I’ve always believed that inflation isn’t quite the enemy everyone thinks it is. If you’ve got growth, a bit of inflation doesn’t matter.
‘If you get inflation down and kill growth, I think you’re in trouble.’
Sir James also praised the aggressive, tax-cutting economic policies of former chancellor Kwasi Kwarteng and former prime minister Liz Truss.
‘I’m disappointed we’re not going for growth,’ he said.
‘I was hopeful (with Ms Truss and Mr Kwarteng). I thought they were doing the right thing – I’m the only one who did.
UK inflation eased to 3.4 per cent in February with food and energy prices driving the CPI rate down
‘Kwarteng wasn’t raising taxes. He was going for growth, which I think is the right thing. It allows us to pay for things and generates wealth.’
It came as inflation tumbled to a more than two-year low as Brits were boosted by easing food costs.
The headline CPI rate dropped to 3.4 per cent in February, down from 4 per cent in January and better than the 3.5 per cent analysts had pencilled in.
The reduction was hailed by Chancellor Jeremy Hunt, who hinted that it will give him space for more tax cuts before a general election expected in the Autumn.
With predictions that inflation will be back to the Bank of England’s 2 per cent target soon, Mr Hunt also suggested the news ‘opened the door’ for interest rates to start coming down imminently.
Mortgage-payers are keenly awaiting the latest decision from Threadneedle Street tomorrow, although few anticipate any shift from 5.25 per cent this month.