M&S boss bemoans last week’s budget as ‘whole lot of nothing’

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.