M&S boss brands last two Budgets 'a disaster' as John Lewis chief warns of 'warehouse tax' threat to high streets

From the Newshound archive · first published 10 October 2026.

Stuart Machin, chief executive of Marks & Spencer, has demanded Chancellor John Healey 'take the handcuffs off business' in the October 28 Budget, warning that Labour has already added £150 million to M&S's annual costs at a company that pays £500 million a year in taxes. John Lewis chairman Jason Tarry separately warned that proposed higher business rates on warehouses and out-of-town retail are based on 'a fundamental misunderstanding of how modern high streets work'. City bosses have also sent Healey a warning letter, signed by the CBI's Rain Newton-Smith and UK Finance's David Postings, arguing that a bank tax raid could trigger an exodus of capital and talent from the UK.

Machin branded previous Budgets 'disasters' and 'a crushing disappointment for customers, colleagues and businesses.'

Savers are already fleeing pensions: 44 per cent have withdrawn cash or plan to, adding to £40 billion pulled out under Rachel Reeves's tax speculation.

Labour insiders are privately warning: 'If voters aren't better off by the next election, we're screwed.'