The boss of Marks & Spencer warned the retailer will take a £60 million hit from higher employers’ National Insurance bills next year following changes announced last week in the Budget.
CEO Stuart Machin said that while the company had foreseen the hike in the rates - which went from from 13.8% to 15% - it had not anticipated the big reduction in the threshold, from £9,100 to £5,000 a year, coming into effect from next April.
