M&S’s CEO criticized the UK budget for failing to address key business issues, highlighting the tension between corporate interests and the Labour government’s regulatory and tax policies.
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Stuart Machin hits out at Labour but welcomes expected UK-EU food deal as retailer reveals half-year resultsThe chief executive of Marks & Spencer has called John Healey’s first budget as chancellor a “whole lot of nothing” and bemoaned an “onslaught of taxation and regulation” from the Labour government, despite welcoming an expected deal on EU border checks.Stuart Machin said he was disappointed at last week’s budget statement, adding that it “didn’t really address the issues we need to focus on growth”. He said the chancellor’s “real terms” freeze on business rates, for example, would lead to an additional £10m on M&S’s existing £170m rates bill. Continue reading...
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