Stuart Machin, CEO of Marks & Spencer, has urged the UK government to reconsider planned tax and recycling charges, warning that their implementation could significantly shrink the retail industry. He highlighted upcoming increases to national insurance contributions and business rates that would add £60 million to M&S's costs alone. Machin also criticized the extended producer responsibility fees, suggesting that they would adversely impact retailers without improving recycling. He conveyed a growing sentiment among retail leaders that rising costs might necessitate price increases or job cuts, reflecting a challenging economic landscape for the sector.
Machin stated that changes to national insurance contributions could add £60m to M&S's costs, equating to half their total wage increase, including minimum wage hikes.
The government is seen as raiding retail like a piggy bank, and without easing tax burdens, the retail sector is expected to shrink further in the UK.
Machin emphasized that the increase in producer responsibility fees could force retailers to pay 20 times more, with the funds not contributing to improved recycling efforts.
He urged for a re-examination of business rate changes, highlighting that the retail industry is feeling a significant strain from rising costs and diminishing consumer demand.
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