M&S boss accuses Labour of biggest tax grab in history

Summarised from 4 outlets · 7 reports · Updated 4 Nov, 15:22 · Archive

Marks & Spencer boss Stuart Machin has accused the government of mounting one of the biggest tax grabs in history.

Marks & Spencer boss Stuart Machin has accused the Labour government of staging one of the biggest tax grabs in history. He said the three Budgets since Labour came to power have resulted in about £73bn in extra taxes and claimed the government has failed to deliver on its pledge to boost economic growth.

Machin dismissed Chancellor John Healey's Budget last week as a 'whole lot of nothing'. Though the Budget was presented as a 'do no harm' event, Machin said the Chancellor's announcement on business rates will add another £10m on top of the £170m M&S already pays annually. He also criticised the government's freeze on business rates bills, noting that these taxes will still rise with inflation, adding 3.5 per cent in costs for retailers next year.

M&S reported it has swallowed around £35m of costs from increases to packaging taxes for the year, paying out £40m from its food margin. The company faces higher pay and national insurance costs, as well as costs linked to disruption in the Middle East. Overall, M&S said it has faced around £150m in extra costs from taxes and higher labour costs since the 2024 Budget.

Machin said the company is 'cautious about recruitment' as it manages hiring and employment costs alongside fragile consumer sentiment. He told reporters that the past three years of Labour policies have created an onslaught of headwinds, saying 'it's probably more challenging than we've ever seen in the past in trying to balance the books'.

Despite the tax complaints, M&S reported that profits more than doubled over the past six months to £355.1m, compared to £3.4m last year, as the company recovered from a cyber attack in Easter 2025 that forced it to pause website sales for around six weeks. The retailer said it is primed for an 'unforgettable' Christmas.

How it is being reported

• M&S chief attacks Labour over scale of tax increasesM&S said its business costs have been pushed higher due to policies from the BudgetThe Independent · 4 Nov, 15:48
• M&S boss accuses Labour of ‘one of the biggest tax grabs in history’Stuart Machin said said the retailer’s business costs have been pushed higher due to policies from the Budget.Independent Business · 4 Nov, 14:58
• M&S boss accuses Labour of ‘one of the biggest tax grabs in history’Stuart Machin said said the retailer’s business costs have been pushed higher due to policies from the Budget.Independent Business · 4 Nov, 11:58
• M&S boss accuses Labour of ‘one of the biggest tax grabs in history’Stuart Machin said said the retailer’s business costs have been pushed higher due to policies from the Budget.Evening Standard · 4 Nov, 11:58
• M&S boss accuses Labour of 'biggest tax grab in history' after an 'onslaught' of cost increasesThe boss of Marks & Spencer has accused the Government of staging one of the 'biggest tax grabs in history'.Daily Mail · 4 Nov, 10:29
• M&S boss accuses Labour of 'biggest tax grab in history' after an 'onslaught' of cost increasesThe boss of Marks & Spencer has accused the Government of staging one of the 'biggest tax grabs in history'.This is Money · 4 Nov, 10:14
• Marks & Spencer boss accuses Labour of ‘one of the biggest tax grabs in history’Marks & Spencer boss Stuart Machin has accused the government of mounting “one of the biggest tax grabs in history” in a scathing attack on Labour’s efforts to boost economic growth. The retail boss told reporters that the three Budgets since Labour came to power have resulted in about £73bn in extra taxes, claiming the [...]City AM · 4 Nov, 10:14

In this story: Marks & Spencer · Stuart Machin · John Healey · Labour

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