M&S chief accuses government of raiding retail sector ‘like a piggy bank’

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The chief executive of Marks & Spencer has accused the government of raiding the retail sector “like a piggy bank” with its latest tax policies as businesses face mounting financial pressures. First, the tax system is becoming increasingly complex, and HMRC has estimated that the combined effect of changes announced between 2022 and 2024 will increase its costs cumulatively by around £875 million over the next few years.” Gareth Davies, head of the NAO, said: “Businesses and individuals deserve a modern, resilient and effective tax system to help them get their tax right first time. He warned that the £2bn measure would lead to significantly higher tax bills for retailers, with “no improvement to recycling.” “Retail is being raided like a piggy bank, and it’s unacceptable,” Machin said, writing in The Sunday Times. Machin echoed calls from Next boss Lord Wolfson to phase in NIC increases and urged the government to rethink its approach to business rates and packaging levies to give retailers “breathing space.” A Treasury spokesperson defended the policies, saying: “We delivered a once-in-a-Parliament budget to wipe the slate clean and deliver the stability businesses need, laying the foundations for economic growth.