M&S invests £95m in its staff pay ahead of 'cost headwinds'

MARKS and Spencer will invest £95million into giving retail staff a pay boost, despite the firm facing “cost pressures” from the Government.

- Amber Murray

From April 1, pay for UK customer assistants will increase from £12 to £12.60 per hour, a rise of 5% year on year and up 26% since 2022.

This is higher than the Government's new national living wage of £12.21 per hour.

Stuart Machin, M&S chief executive, said: "Following the Government's recent increases in tax and National Insurance contributions, it's no secret that M&S and indeed the entire retail sector has some significant cost headwinds in the new financial year.