Stuart Machin called for the chancellor to adopt three measures in Wednesday’s budget to support the retail industry, calling proposed hikes to business rates “economically illiterate” in a post on his LinkedIn profile.
He contended that tax increases run the risk of fueling inflation through increased prices at the register and that the industry’s tax burden is unreasonable at a time when consumer demand is still being restrained by the effects of the unfolding cost of living problem.
“Government policy makes being an employer of people and running stores – which the same MPs vaunt in their constituencies – really hard,” stated Mr. Machin, who has been running M&S since 2022.
Especially in an atmosphere where inflation is high even though it is decreasing and our operating environment is still unpredictable.
“It’s like running up a downwards escalator with a rucksack on your back.”
