M&S CEO Criticizes UK Tax Burdens on Retailers

Stuart Machin, CEO of Marks & Spencer, has criticized the UK government's recent tax policies, stating that retailers are being 'raided like a piggy bank' amid rising National Insurance Contributions (NICs) and new charges for packaging waste. In a piece for The Sunday Times, he argued that these financial pressures threaten the growth of the retail sector, which is vital to the UK economy. Machin called for a staggered implementation of NIC changes and a delay in the introduction of the controversial packaging levy to alleviate the burdens on retailers. Despite M&S reporting a profit of £672 million last year, Machin warned that many other retailers are struggling, facing job losses and store closures. The government defended its tax measures as necessary for public service funding and stability, but Machin urged immediate action to support retail growth. He emphasized that the retail sector plays a crucial role in employment and economic mobility, suggesting a lack of recognition from the government towards its importance.