According to one of the best-known businessmen country, Britain, instead of pursuing any kind of interim deal, should make a “clean break” from the European Union.
Sir James Dyson said that a transitional agreement would become “a muddle.”
“You end up having to do one transitional arrangement, and then another one. So just have a clean break, it’s not a big deal.”
The best-known businessman, who supported the 2016’s Brexit campaign, stated that he was comfortable with Britain instead of switching to the World Trade Organisation’s tariff system, and to shift its attention away from Europe.
Sir James said: “Europe is a declining part of world trade.”
“It’s now down to 12%, and in about five years’ time, it will be 9% of world trade. The fastest growing sector is, of course, in the far east, China and the far eastern countries where we’re growing by about 80% or 90% a year. That’s where the opportunities are – not Europe.”
He stated that he had no regrets regarding Brexit. However, the need for international talent was emphasized by Sir James.
Sir James employs around 3,500 people in the United Kingdom, and in the coming four or five years, that number is expected to almost double in figures.
Dyson has aims to recruit a huge number of engineers to help feed that growth. However, Sir James stated that he often found it hard to find recruits in this country who had the appropriate skills.
Sir James’ solution is a bold one.
Dyson is investing in the creation of a university on the site on the huge Wiltshire campus of his company. Students will be paid to work, but they will also complete an undergraduate degree in engineering.
Dyson stated: “There is a huge shortage of engineers in Britain – it’s estimated we’ll be two million engineers short by 2022 – but more interestingly we’re short of very good engineers. We want to develop the best tech in the world and make products that conquer the world.
“It’s blindingly obvious that we need to take on more engineers, and if people study here then they’ll be learning from some of the best in the world.” he says that it will be Britain’s first new university for 40 years.
It is also a response to a changing world.
The businessman fears that Britain has lost its passion for engineering, and instead embraced “soft subjects.”
The nation of Brunel and Stephenson is being left behind, he worries.
“It’s a major game of catch-up because even the Philippines produces more engineers than we do, and so does Mexico.
“In our schools, we’ve lost interest in engineering. As a nation, we have lost confidence in grand engineering projects.”
Sir James thinks that there should be no regulations on overseas students coming to the United Kingdom stating that 60% of engineering students in universities in the UK are coming from outside the European Union.
The first intake of students who will enroll at his own institute are all British, but he revealed that it would change in the coming years.