Sun, 09 Feb 2025

Sun, 09 Feb 2025 M&S boss says retailers 'raided like a piggy bank'

Stuart Machin says the sector is facing a wave of tax rises and the government needs to "lighten the burden".

* Marks & Spencer CEO Stuart Machin says retailers are being "raided like a piggy bank" due to rising taxes and costs.
* Retailers face headwinds including increased National Insurance Contributions (NICs) paid by firms, higher packaging levies, and rising business rates.
* Machin calls for changes from the government, including: + Phasing in NIC increases over two years + Delaying extended producer responsibility (EPR) fees + Re-thinking approach to business rates
* A Treasury spokesperson defends tax rises as necessary to avoid cuts to public services and boost growth.
* M&S reported a jump in annual profits to £672m for the 12 months to March, but Machin warns that others may not be so lucky.
* Extended producer responsibility (EPR) measure is expected to cost retailers £2bn and make them pay the full net costs of managing and recycling packaging waste.
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