M&S chief accuses government of raiding retail sector ‘like a piggy bank’ Stuart Machin says the government’s latest tax policies risk stifling growth.
The chief executive of Marks & Spencer has accused the government of raiding the retail sector “like a piggy bank” with its latest tax policies as businesses face mounting financial pressures.
Machin echoed calls from Next boss Lord Wolfson to phase in NIC increases and urged the government to rethink its approach to business rates and packaging levies to give retailers “breathing space.”.
Machin also condemned the government’s extended producer responsibility (EPR) levy, which aims to make producers cover the costs of recycling packaging waste.
Despite M&S reporting a £672m profit last year, he cautioned that many retailers were struggling and warned of job losses, store closures, and slower wage growth across the sector.
