Rachel Reeves is raising the retail sector 'as if it is a piggy bank', says M&S boss as he warns of 'fewer jobs, fewer shops and slower wage growth'
The boss of Marks & Spencer accused Rachel Reeves yesterday of raiding retailers 'like a piggy bank'.
Stuart Machin said the Chancellor's tax hikes – which could cost the sector £7billion – were 'ill-thought through'.
The industry veteran, who started his career at 16 and worked his way up to become M&S chief executive in 2022, warned of 'fewer jobs, fewer shops and slower wage growth'.
Households could face higher grocery prices and lower food quality without major changes to Budget policies, he said.
Mr Machin said in a strongly worded article for The Sunday Times that Ms Reeves must 'act now' to 'lighten the burden' on the high street by rowing back on some of her October Budget.
Her policies included hikes in National Insurance paid by employers from April and the minimum wage.
Mr Machin said the tax rise will hit part-time workers hardest and called for it to be phased in over two years.
Plans to overhaul workers' rights and a new 'nonsensical' packaging levy will also hurt retailers, he added.
The boss of Marks & Spencer accused Rachel Reeves (pictured) yesterday of raiding retailers 'like a piggy bank'
Industry veteran Stuart Machin (pictured), who started his career at 16 and worked his way up to become M&S chief executive in 2022, warned of 'fewer jobs, fewer shops and slower wage growth'
'If the Government wants to invest in the future, then lightening the burden the Budget loaded onto retail should be at the top of its action list,' wrote Mr Machin. 'Retail is being raided like a piggy bank and it's unacceptable.
'The truth is the Budget means UK retail will get smaller. At M&S we are growing but others are not and there is no doubt that there will be fewer jobs, fewer shops and slower wage growth.'
Mr Machin said that a knock-on impact on supply chains could see UK manufacturing and farming contract, pushing up prices and imports.
