Reported by The Guardian
Stuart Machin hits out at Labour but welcomes expected UK-EU food deal as retailer reveals half-year results
The chief executive of Marks & Spencer has called John Healey’s first budget as chancellor a “whole lot of nothing” and bemoaned an “onslaught of taxation and regulation” from the Labour government despite welcoming an expected deal on EU border checks.
Stuart Machin said he was disappointed at last week’s budget statement, adding that it “didn’t really address the issues we need to focus on growth”. He said the chancellor’s “real terms” freeze on business rates, for example, would lead to an additional £10m on M&S’s existing £170m rates bill.
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Machin also criticised plans for the “most ridiculous” deposit return scheme under which retailers must install machines for the return of cans and plastic bottles in stores in England and Scotland from next October in order to drive up recycling rates. In Wales, the scheme is to also include glass bottles.
The M&S boss said he was “very supportive” of a new food trade deal between the UK and EU , which is expected to be completed later this month. Machin said this would help reduce a £10m post-Brexit hit to the retailer caused by the paperwork, packaging and logistical costs involved in sending goods to the Republic of Ireland and Northern Ireland. He added that the deal would also help UK exports of food to mainland Europe.
The comments emerged as M&S said a sustained cyber-attack that forced it to shut down its website last year had continued to hurt clothing sales over the past summer.
The retailer said profits bounced back to a better-than-expected £355m in the six months to 26 September from only £3.4m a year before, as it partly recovered from the hack. The attack, which began over Easter 2025, forced M&S to shut its website, which sells clothing and homewares, for more than six weeks.
Total sales over the half year across the food to fashion group rose 16.2% to £9.2bn.
M&S said sales and profit from its clothing and homewares arm remained below that of two years…