M&S chief criticises tax and business-cost measures

Politics · First reported 4 Nov, 10:14 · Updated 10:49

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

Marks & Spencer chief executive Stuart Machin said recent Budgets and other government measures have increased costs for the retailer and could weigh on growth. The centre-side report also describes the retailer’s business costs as rising because of Budget policies.

Machin said the three Budgets since Labour took office added about £73bn in taxes and criticised the latest Budget for not focusing on growth.
He said the business-rates announcement would add £10m to M&S’s existing annual bill of £170m; the article says a 3.5% rise would add £250m to retailers’ costs next year.
Machin criticised government advice to stockpile three days’ supplies, and praised progress towards a deal removing post-Brexit food and agriculture export checks.

Summary written by Lux AI from 2 articles

Key facts

M&S chief executive: Stuart Machin
Extra taxes attributed to three Budgets: About £73bn, according to Machin
M&S annual business-rates bill: £170m, with £10m additional cost cited by Machin
Retailers’ cost from 3.5% business-rates rise: £250m next year, according to the article
M&S cost attributed to packaging tax: £40m in one month, according to Machin