M&S boss says retailers being 'raided like piggy banks'

Published On Feb 9, 2025, 8:47 AM

Stuart Machin, the CEO of Marks & Spencer, expressed concern over increased financial burdens on UK retailers due to rising National Insurance Contributions and new packaging levies. He argues that these changes are detrimental to growth and could lead to a decline in jobs and shops in the sector. The government is standing by its tax policy, citing the need for stability and investment in public services, although it acknowledges that some smaller businesses will benefit from exemptions. Machin called for a delay in the implementation of the new taxes and a reconsideration of business rates.