M&S chief executive urges chancellor to back business, not burden it
Ahead of next month’s Budget, the chief executive of Marks and Spencer has urged Chancellor Rachel Reeves to back business, not burden it.
Stuart Machin has called for the Government to focus on cutting taxes, supporting retailers and driving growth.
His comments came after Reeves visited an M&S store in Pudsey where she met staff and customers to hear first-hand about the retailer’s investments across its business.
Machin said retail has been hit by an “alphabet soup” of taxes and regulations over the last year, including new packaging taxes, the drinks deposit return scheme and higher National Insurance Contributions. He added that the tax bill at M&S has risen to around £650 million.
Subscribe to TRBSpeaking of what he would like to see in the Budget, Machin called for no further taxes that hit consumers and the everyday economy. He added: “I don’t know what planet Treasury bureaucrats are on when they propose increasing VAT, a regressive tax that would hit working families and stoke inflation.”
He also called for action on business rates, arguing that shops should be exempt from higher charges to help them remain vital anchors of local high streets.
In addition, Machin urged the Government to accelerate its EU reset and deliver an agrifood deal that would “cut red tape and ease cost pressures on the weekly shop.”
He further called for greater support for farmers, including a rethink on inheritance tax, as well as measures to help more young people into work.
He added: “The Chancellor has two paths ahead of her. More of the same: plugging fiscal holes with tax rises, stoking inflation and suppressing demand. Or change course: spend less, borrow less, tax less, regulate less, reduce inflation and enable growth.”
