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Marks & Spencer chief executive Stuart Machin has urged Chancellor John Healey to reverse measures from the previous two Budgets, arguing that taxes and regulation have raised business costs and weakened prospects for growth. His intervention comes ahead of a Budget scheduled for October 28; the government’s response and any policy changes have not been confirmed.
Marks & Spencer chief executive Stuart Machin has called on Chancellor John Healey to reverse measures from the previous two Budgets, arguing that taxes and regulation are holding back business investment, jobs and economic growth. The intervention, reported by This Is Money and made in an article for the Daily Mail, comes ahead of a Budget scheduled for October 28; it is a call for policy change, not confirmation that the government plans to make one.
Machin described the earlier Budgets as a “disaster” and a “crushing disappointment” for customers, workers and businesses. He said he was not asking the Chancellor to abandon his fiscal rules, but urged him to begin reversing what Machin sees as damaging decisions and to put more money in people’s pockets. Those descriptions are his assessment, rather than independently established findings.
He pointed to the increase in employer National Insurance contributions announced in Rachel Reeves’ first Budget. According to the source report, the rate rose from 13.8% to 15%, while the threshold at which employers begin paying the levy fell from £9,100 to £5,000. The report puts the resulting cost to business at £25 billion. Machin argued that the change particularly affects retail, where many roles are part-time or entry-level, and said higher employment costs can contribute to recruitment freezes and job losses.
Machin also criticised proposed or existing costs and requirements affecting retailers, including workers’ rights changes, recycling rules, packaging taxes and business rates. The source report does not provide detailed policy text or responses from the government on each of those issues. Other business figures quoted by the outlet also called for measures aimed at jobs and growth, including John Lewis chief executive Jason Tarry, who said higher taxes on large shops could harm high streets.
Retail Costs and Hiring Pressures
The dispute matters because retailers employ large numbers of people in roles that can be sensitive to changes in the cost of hiring. If employer costs rise, companies may respond in different ways, including adjusting recruitment, hours, investment or prices. Machin’s argument is that those costs risk feeding through to shoppers and limiting employment; the source report does not establish the scale of any such effects at M&S or across the sector.
The Budget will also set out how the government intends to balance public finances against its stated interest in growth. Businesses are pressing for lower costs and clearer rules, while the Chancellor faces fiscal constraints. That makes the coming statement a test of whether the government will change course on any of the measures criticised by Machin and other executives, or maintain them while pursuing growth through other policies.
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The Dispute Over Recent Budgets
Machin’s comments are part of a wider run of business criticism reported ahead of the October 28 Budget. The source says Sir Martin Sorrell called for practical growth policies, while Tarry urged the Chancellor to protect high-street shops from higher taxes. These are views expressed by business leaders; they do not by themselves show the overall effect of the government’s policies.
The National Insurance changes were announced in Reeves’ first Budget, alongside other fiscal measures. Machin’s intervention focuses on the impact he says those decisions have on employers and consumers, and asks Healey to revisit them. The source report describes the upcoming statement as Healey’s first Budget, but supplies no confirmed policy commitments from the Chancellor in response to the demands.
““Britain needed a plan for growth and got a pile of new taxes and regulations instead.””
— Stuart Machin, Marks & Spencer chief executive, as quoted in the Daily Mail
Policy Changes Remain Unconfirmed
There is no confirmed indication in the supplied report that Healey will reverse the National Insurance changes or alter rules on packaging, recycling, workers’ rights or business rates. The Chancellor’s response to Machin’s intervention is not included, and the report does not specify which measures, if any, the government is considering changing.
The figures and predicted effects cited in the report also require context. The £25 billion estimate is attributed to the report, but no calculation method or time period is given in the supplied material. Claims that higher costs have caused job losses, recruitment freezes or higher prices are presented as Machin’s argument; the source does not provide data quantifying those outcomes across M&S or the wider economy.
The October 28 Budget Test
The next key development is the Chancellor’s Budget, scheduled for October 28. It should show whether the government plans to change employer National Insurance, business rates or the other policies criticised by Machin, and how any changes would be funded. Until the statement is delivered, the proposals and their potential effects remain unconfirmed.
Readers will also be looking for the government’s explanation of how it intends to support jobs and business investment while meeting its fiscal commitments. The source report does not provide further milestones or a formal government response to the executives’ calls.
Key Questions
What is Stuart Machin asking the Chancellor to do?
Machin wants John Healey to revisit measures from the previous two Budgets, particularly costs he says affect employers, and to focus on growth and jobs. He said he was not asking Healey to discard the government’s fiscal rules.
What National Insurance changes did Machin criticise?
The source report says the employer rate rose from 13.8% to 15% and the payment threshold fell from £9,100 to £5,000 in Rachel Reeves’ first Budget. Machin argues the changes increase employers’ staffing costs.
When is the Budget scheduled?
The source report gives October 28 as the scheduled date. It does not detail any later change to that timetable.
Has the government agreed to reverse the policies?
No reversal is confirmed in the supplied report. It records calls from Machin and other business figures but does not include a response from Healey or a government commitment.
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