M&S boss warns customer confidence dented by Budget worries

THE boss of Marks & Spencer has said Chancellor Rachel Reeves’ pre-Budget speech had fuelled customer worries over tax hikes and warned shoppers were now “planning for the worst”.

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Stuart Machin, Marks and Spencer CEO

Chief executive Stuart Machin said the retailer's customers were “increasingly concerned about rising costs and taxes” and what might be in store in the upcoming Budget.

He said the Chancellor's unusual step to deliver a pre-Budget speech on Tuesday did not help ease fears or give certainty to businesses and consumers.

Ms Reeves braced the UK for possible income tax rises in her November 26 Budget, warning everyone will “have to contribute” to help rebuild the economy and repair the country’s finances.

Mr Machin said: “The presentation may have calmed the bond markets but it hasn’t really calmed our customers. They might be planning for a good Christmas, but may be planning for the worst for the Budget.”

He said the group had been “hoping for some news” so it could start planning, but added “we're all sitting here waiting for the 26th”.