The billionaire Brexit backer Sir James Dyson has seen profits jump at his farming business on the back of EU subsidies.
Beeswax Dyson Farming posted £3.4m pre-tax profits last year, up from £2.7m in 2018. However, accounts show income was flattered by £3.4m of cash from the EU’s common agricultural policy. Without this, the operation would have broken even.
The vacuum cleaner inventor is focused on sustainable food production; projects include a £13m investment in Lincolnshire to grow strawberries out of season. EU subsidies to UK farmers end after the Brexit transition period, though the government has said it will keep up payments until 2022.
Dyson, 73, moved his company’s HQ to Singapore last year. The company said Dyson was a net contributor to the EU and the £113m he had invested in farming dwarfed subsidy payments.
Sir James Dyson’s farms hoover up EU cash