Marks & Spencer boss 'can't rule out' price rises after retailer hit with extra £120m in costs from Labour's tax bomb budget
Trending News
4 months, 2 weeks ago

Marks & Spencer boss 'can't rule out' price rises after retailer hit with extra £120m in costs from Labour's tax bomb budget

Daily Mail  

Marks & Spencer bosses have warned they can't rule out price hikes after the retailer was hit with an extra £120million in costs from Labour's tax bomb budget. M&S is anticipating its tax bill to increase by £60million next year to around £520million following Chancellor Rachel Reeves' decision to raise employers' National Insurance to 15 per cent from next Spring. M&S chief executive Stuart Machin said the company will do 'everything we can' to prevent price increases for shoppers Speaking of his concerns for M&S, Mr Machin told The Telegraph: 'We planned because obviously it was well noted before the Budget that there was going to be some National Insurance increase for business.' M&S is anticipating its tax bill to increase by £60million next year to around £520million following the Chancellor's decision to increase employers' National Insurance A total of 430,104 shoplifting offences were recorded by the police in the year to December 2023.

Labour Budget National Costs Increase Mr Norman  increase  extra  retailer  ms  shoplifting  mr  marks  rises  price  tax  spencer  hit  costs  insurance  national  company  rule  warned  labours

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Nearly half of firms plan to push up prices after Labour's national insurance hike - and a quarter will cut staff
2 weeks, 1 day ago

Nearly half of firms plan to push up prices after Labour's national insurance hike - and a quarter will cut staff

Daily Mail  

Nearly half of firms are planning to push up prices as Labour's national insurance hike looms. Rachel Reeves drummed up another £25billion a year in revenue by increasing the employers' element of the levy Questioning companies at the end of last month, the ONS found that the proportion saying they would adapt to NICs rises by increasing prices was nine …

M&S chief accuses government of raiding retail sector ‘like a piggy bank’
1 month, 1 week ago

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

The Independent  

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 …

Half of UK retailers plan to cut workforce in 2025 - and even more will raise prices
2 months ago

Half of UK retailers plan to cut workforce in 2025 - and even more will raise prices

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Two thirds of 52 chief financial officers surveyed for …

Firms to pass on tax hikes through lower wages in long run, Bank executive says
2 months, 1 week ago

Firms to pass on tax hikes through lower wages in long run, Bank executive says

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A Bank of England deputy …

New Budget blow for Starmer as retailers warn of price hikes and job cuts
2 months, 2 weeks ago

New Budget blow for Starmer as retailers warn of price hikes and job cuts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Keir Starmer faces a fresh …

Currys warns Budget will lead to ‘inevitable’ price rises due to £32m of extra costs
3 months, 1 week ago

Currys warns Budget will lead to ‘inevitable’ price rises due to £32m of extra costs

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy High street electrical retailer Currys …

Job losses and price hikes inevitable, warn UK’s biggest firms in stark message to Rachel Reeves over Budget
4 months ago

Job losses and price hikes inevitable, warn UK’s biggest firms in stark message to Rachel Reeves over Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Price hikes and job cuts are inevitable following Labour’s Budget, business …

High street firms face ‘terrible choices’ after Budget tax rises
4 months, 1 week ago

High street firms face ‘terrible choices’ after Budget tax rises

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Hospitality and retail businesses have …

Asda chief lashes out at Reeves’s ‘very, very damaging’ Budget
4 months, 1 week ago

Asda chief lashes out at Reeves’s ‘very, very damaging’ Budget

The Telegraph  

Asda’s chairman has hit out at Rachel Reeves’s “very, very damaging” tax rises, warning it will force the supermarket to look closely at how many workers it can afford to employ. Lord Rose said it was “perfectly” clear that the Chancellor had not delivered a Budget for businesses, saying extra taxes were “disproportionately heavy” on larger companies which employ a …

Sainsbury’s warns of price rises after £140m ‘barrage’ of Budget costs
Trending News
4 months, 2 weeks ago

Sainsbury’s warns of price rises after £140m ‘barrage’ of Budget costs

The Telegraph  

Sainsbury’s is facing a “barrage of costs” that will force it to raise prices, its chief executive has warned, as the retailer revealed a £140m hit from Rachel Reeves’s National Insurance tax raid. Simon Roberts said “difficult decisions” would have to be made after the Chancellor’s Budget triggered a steep rise in costs. “I would urge the Government to work …

Marks & Spencer sees profits surge, but cautions over consumer pressures
4 months, 2 weeks ago

Marks & Spencer sees profits surge, but cautions over consumer pressures

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Marks & Spencer has notched …

Employers warn of crisis as Reeves increases NI contributions
4 months, 3 weeks ago

Employers warn of crisis as Reeves increases NI contributions

The Telegraph  

Corporate Britain has sounded a warning about hiring freezes and pay cuts after emerging as the biggest loser of a £40bn tax raid. Pubs, restaurants and cafes, which rely on part-time staff, could see their tax bills rise by a collective £1bn as a result of the changes, UKHospitality warned, as firms will have to start paying National Insurance Contributions …

Employer national insurance hike to slow hiring and wage growth, critics say
4 months, 2 weeks ago

Employer national insurance hike to slow hiring and wage growth, critics say

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Chancellor has admitted that …

Furious bosses hit out at Rachel Reeves' 'business battering' Budget: Industry leaders say £25bn National Insurance raid will 'grind growth to a halt' and threaten jobs and wages
4 months, 3 weeks ago

Furious bosses hit out at Rachel Reeves' 'business battering' Budget: Industry leaders say £25bn National Insurance raid will 'grind growth to a halt' and threaten jobs and wages

Daily Mail  

Businesses reacted with fury to Rachel Reeves’ £25billion tax raid yesterday amid fears it will cost jobs, lower salaries and push prices up for customers. Rachel Reeves ' massive raid on employers' national insurance contributions will harm economic growth, jobs and wages, furious business chiefs have warned Kate Nicholls, chief executive of UK Hospitality, warned of a 'painful' time for …

Keir Starmer tells Brits they face a 'harsh reality': Prime Minister issues a new tax warning as Labour's Budget is set to batter employers with a major national insurance rise
4 months, 3 weeks ago

Keir Starmer tells Brits they face a 'harsh reality': Prime Minister issues a new tax warning as Labour's Budget is set to batter employers with a major national insurance rise

Daily Mail  

VAT on private school fees and non-dom crackdown - likelihood 10/10 The Labour manifesto committed to scrapping non-dom status, adding VAT to private school fees and increasing stamp duty on buyers from abroad. Employer national insurance - 9/10 Rachel Reeves looks almost certain to increase employer NICs, despite claims it is a 'straightforward breach' of the Labour manifesto. Capital gains …

M&S and Sainsbury’s bosses urge Reeves to slash tax on retailers
5 months, 2 weeks ago

M&S and Sainsbury’s bosses urge Reeves to slash tax on retailers

The Telegraph  

The bosses of Marks & Spencer and Sainsbury’s are leading calls for Rachel Reeves to cut retailers’ tax bills, amid claims the sector “pays more than its fair share” to the Exchequer. In an open letter published on Monday, more than 70 chief executives from Britain’s biggest retailers urged Ms Reeves to “level the playing field” by reducing their business …

Marks & Spencer sees profits jump 58%, but hikes cost-cutting target
9 months, 3 weeks ago

Marks & Spencer sees profits jump 58%, but hikes cost-cutting target

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “With continuing cost headwinds, notably from investment in colleague …

Marks & Spencer raises profits outlook but warns over soaring supply costs
3 years, 4 months ago

Marks & Spencer raises profits outlook but warns over soaring supply costs

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Chief executive Steve Rowe thanked a boost from pent-up …

Marks & Spencer to cut 7,000 jobs as clothing sales collapse
4 years, 7 months ago

Marks & Spencer to cut 7,000 jobs as clothing sales collapse

CNN  

London CNN Business — Marks & Spencer will axe 7,000 jobs over the next three months, delivering another blow to the struggling UK economy as the pandemic changes the way people work and shop. The venerable UK retail chain, which sells clothes, food and household goods, said in a statement Tuesday that cuts to its 78,000-strong workforce will be made …

Marks & Spencer to cut 950 jobs as coronavirus weighs on retailers
4 years, 8 months ago

Marks & Spencer to cut 950 jobs as coronavirus weighs on retailers

Live Mint  

Marks & Spencer Group Plc plans to cut 950 jobs in yet another blow to British shopping districts reeling from the coronavirus pandemic. The clothing and homewares retailer said the job losses would come from central support functions in its property and field operations as well as its store management network. M&S follows department-store chain Debenhams Plc, Walgreens Boots Alliance …

Marks & Spencer cutting extra pay for 7,000 staff working Sundays and anti-social hours
8 years, 8 months ago

Marks & Spencer cutting extra pay for 7,000 staff working Sundays and anti-social hours

Daily Mail  

Marks & Spencer is set to cut higher pay rates for around 7,000 staff for working on Sundays, bank holidays and anti-social hours, while 11,000 of its staff will see their pension contributions reduced. Decision-maker: Steve Rowe said M&S will face more 'tough decisions' as it grapples with dwindling sales across its clothing and home ranges Rowe said the pay …

Marks & Spencer report £632m profit
14 years, 9 months ago

Marks & Spencer report £632m profit

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. In presenting his last set of annual results, M&S …

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