Labour accused of one of the 'biggest tax grabs in history' by M&S boss
Labour has been accused of one of the "biggest tax grabs in history" by the boss of Marks & Spencer (M&S). The historic retailer warned that it faces an “onslaught of costs”.
TL;DR
- M&S CEO Stuart Machin calls Labour's Budget one of the "biggest tax grabs in history."
- The retailer faces an "onslaught of costs" including increased business rates, packaging taxes, and National Insurance.
- M&S profits more than doubled in the last six months, reaching £403.2 million.
- Strong growth in the food business contrasted with underperformance in fashion, home, and beauty.
- Cyber attack disruptions and hot weather impacted sales in fashion, home, and beauty sectors.
- The company remains focused on its ambitions despite cost headwinds.