The Newshound

M&S boss accuses Labour of 'one of the biggest tax grabs in history' over £150m in extra costs

An M&S food store, as the retailer revealed that packaging taxes alone had already cost it £35 million this year, with business rates set to add a further £10 million to its annual bill.
An M&S food store, as the retailer revealed that packaging taxes alone had already cost it £35 million this year, with business rates set to add a further £10 million to its annual bill.
1 million for the half-year, driven partly by a rebound from the cyber attack that struck the business last year.
1 million for the half-year, driven partly by a rebound from the cyber attack that struck the business last year.

Stuart Machin, chief executive of Marks & Spencer, accused Labour of staging "one of the biggest tax grabs in history" after M&S revealed that the 2024 Budget's increased taxes and higher staffing costs had pushed the company's expenses up by around £150 million. Machin was equally dismissive of Chancellor John Healey's autumn Budget, delivered last week, calling it "a whole lot of nothing" and warning that the retailer faces an "onslaught of costs" with no relief in sight.

M&S has already absorbed £35 million this year from packaging taxes alone, with business rates set to add a further £10 million to its annual bill.

Despite the pressure, M&S profits more than doubled to £355.1 million for the half-year, driven by food sales growth of 13.9 per cent and a rebound following the cyber attack that struck the business last year.

Machin warned the firm is now "cautious about recruitment" as rising national insurance and wage costs make hiring new staff increasingly costly.

MoreGB NewsM&S boss blasts Labour over 'one of the biggest tax grabs in history'The IndependentM&S chief attacks Labour over scale of tax increasesThe TelegraphM&S accuses Labour of ‘one of the biggest tax grabs in history’LBCM&S boss accuses Labour of ‘one of the biggest tax grabs in history’Daily MailM&S boss accuses Labour of 'biggest tax grab in history'The SunM&S boss slams Chancellor's Budget as 'whole lot of nothing' after £35m tax hitYahoo News UKM&S profits surge on cyber attack recovery despite ‘onslaught’ of costsCity A.M.Marks & Spencer boss accuses Labour of ‘one of the biggest tax grabs in history’
Read today's full feed at The Newshound →