Marks & Spencer boss accuses Labour of ‘biggest tax grab in history’

Marks & Spencer chief executive Stuart Machin accused Labour of imposing “one of the biggest tax grabs in history”, saying the government’s Budgets have added costs without delivering the promised boost to economic growth. He called the latest Budget “a whole lot of nothing” and said it did not address the measures businesses need to expand.

Machin said the latest business rates changes would add £10m to M&S’s annual bill of £170m, while retailers face a 3.5% increase that could add £250m to sector costs next year. He also cited £150m in extra costs from the 2024 Budget and £40m paid in one month under a packaging tax. He criticised government advice to keep three days of supplies, arguing it could deepen consumer worries; M&S reported £355m in pre-tax profit, with food sales growing by double digits.