M&S CEO Stuart Machin has publicly criticised government tax plans, believing they undermine economic growth.
- He termed the government’s potential tax hikes on employers as ‘the easy way out’.
- Machin expressed concerns about the government’s growth narrative, calling it incoherent.
- He argued that tax increases would hinder economic recovery and affect consumers and employees.
- Machin highlighted the need for regulatory reform and adherence to Labour’s manifesto promises.
Stuart Machin, the CEO of M&S, has voiced strong opposition to the government’s reported plans to increase national insurance for employers, which he described as ‘the easy way out’. He believes that such moves would undermine efforts towards economic recovery, affecting those already struggling with the cost of living.
Machin expressed apprehension that these tax discussions might be exaggerated. He commented, ‘This Government was elected to promote a growth agenda, but what I’ve seen and heard so far doesn’t add up to a coherent growth narrative.’ His remarks were part of an open letter published in The Times, where he challenged the government to make more difficult but meaningful economic decisions.
In his letter, Machin argued that increasing taxes might provide short-term respite to public finances, but would ultimately slow down the economic recovery process. He cautioned that the burden of higher taxes would fall on consumers and workers, who continue to face the pressures of a high cost of living.
Machin expressed disappointment with what he perceives as a dilution of Labour’s manifesto pledges once in government. He stressed that the government must deliver on its promises, such as the overhaul of business rates and greater flexibility in using apprenticeship levy funds.
Alongside CEOs from other major companies, Machin called for the government to remove regulatory obstacles that add unnecessary costs and complexity. He pointed out the growing pressure from political and activist fronts that the government faces with each regulatory decision, urging them to adhere to their initial promises.
Stuart Machin’s critique underscores significant concerns over proposed tax policies and government accountability to its economic pledges.
