Stuart Machin warns UK retail faces job cuts without tax changes

In recent months, the chief executive of Marks & Spencer, Stuart Machin, has raised significant concerns about the UK Government's Budget policies. Machin believes that without immediate adjustments to tax plans proposed by Chancellor Rachel Reeves, the UK retail sector is at risk of contraction. He argues that if the current Budget remains unchanged, it could lead to a decrease in retail jobs, a reduction in the number of retail stores, and a stagnation in wage growth across the industry. His call for action comes amid worries from other businesses experiencing similar pressures due to rising taxes and employment costs, exemplified by car dealership Vertu Motors which reported job cuts and reduced operational hours as a direct consequence of Budget cost increases. Machin has cited the Employment Rights Bill and changes in the national insurance contributions threshold as particularly detrimental to part-time workers, highlighting a need for more flexible policies in the retail sector. However, he also acknowledged some recent positive developments from Reeves, such as an emphasis on long-term planning and initiatives aimed at boosting infrastructure investment.