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The Independent UK
The Independent UK
National
Nicole Wootton-Cane

M&S boss: 'The last two Budgets were a disaster for businesses'

M&S John Healey Stuart Machin
  • Marks & Spencer chief executive Stuart Machin has urged Chancellor John Healey to reverse tax rises and ease business regulations in the Budget on 28 October.
  • Mr Machin described previous Budget decisions as “disastrous”, revealing that national insurance hikes and business rate changes added £150m in annual costs to M&S.
  • The retail boss called for a reversal of the lowered employer national insurance threshold, scrapping the proposed deposit return scheme, and securing an EU food deal.
  • He warned that planned Employment Rights Act reforms must not harm flexible weekend employment by cracking down on low-hours contracts.
  • A HM Treasury spokesperson said the chancellor is focused on long-term growth, highlighting existing support including corporation tax caps and business rates cuts.

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