Good News Britain: Sir James Dyson on the record profits for company he founded

Sir James Dyson, the founder of Dyson, explains the story behind the company's record profits.

Our progress is built on a simple principle: have faith in engineering and invest in technology the numbers will follow.

Rather than fretting about the economy (I find the over analysis can actually be counterproductive) Dyson engineers are focused on creating new technology; inventing.

We continue to put our faith in fresh young minds taking on 200 extra engineers this year - half of them recent graduates.

We now have more people at our Malmesbury laboratories than ever before: engineers, sketching, testing, tweaking to create patented technology that is exported.

That bright fledgling talent is not easy to find though.

I worry when I hear that Design & Technology is under threat in the national curriculum review. The government is in danger of culling the skills that are vital to get the economy making and exporting again.

The likely cuts to the Engineering and Physical Sciences Council are disappointing. We should be supporting industries that discover, create and invent.

There was a rousing speech in 2010 by George Osborne where he called for the “March of the makers”. It was inspiring and promising.

The policy that followed sent the right messages to business invest in research and development and the government will back you.

We need this replicated in education.

Our focus has been on the numbers rather than the minds that are responsible for them.

By the time today’s primary school children face the world of work, the UK will need more than 2 million additional engineers. There is yawning gap between engineering vacancies and graduates of the calibre to fill them. The government has to step up its promises. So do businesses.

Dyson is forging partnerships with world class universities like Cambridge where we now fund a professorship.

Britain’s cleverest minds will ponder airflows and motors. And come up with ideas that I expect I will not even understand, never mind could have come up with.

I want to see more universities and businesses linking up. Commercial backing for all that academic potential.

In this economic climate it would be easy to shy away and save for a rainy day. But only with new technology and new ideas can we continue to grow regardless of the financial gloom.

Our spending on research & development we will grow by 20pc a year for the next five years to insure we have technology for the future.

The booming success of Jaguar Land Rover, Rolls Royce and ARM Holdings shows that British ideas are as valuable and viable - as ever.

Over 85pc of our technology is now sold abroad, up from 30pc in 2005. And that number is only set to increase.

The last 19 years have been exhilarating for Dyson. The next 20 promise to be even more so.

We will expand in existing markets explore in new ones. We will continue to grow but our success depends on having those brilliant engineers to fuel it.

I fear the glimmers of British success may be stubbed out at their source. We need more commitment in our ingenious engineers.

Let us hope the government puts education where its economic mouth is.