M&S chief urges Labour to scrap tax hikes and revive growth

Stuart Machin, chief executive of Marks & Spencer, used a column to denounce the previous two Labour budgets as a "crushing disappointment" for the economy, pointing to rising National Insurance contributions, a £2 billion packaging levy and onerous recycling mandates. He argued that these policies have pushed up operating costs, leading to higher prices and job losses, especially for entry-level and weekend staff. Machin called on the new Chancellor John Healey to roll back the deposit-return scheme, protect Saturday employment under the Employment Rights Act, and negotiate a food-trade deal with the EU.

He also urged reforms to business rates, the packaging tax and the National Insurance threshold, suggesting these changes would not cost the Treasury but would free funds for investment. The piece was backed by comments from other CEOs, including Sir Martin Sorrell and Jason Tarry, who warned that high taxation is driving wealth and businesses out of the UK.