M&S CEO calls for business rates and apprenticeship levy reform
Lastly, Machin called for the reintroduction of tax-free shopping as the effect was ‘keenly felt in our capital, London’
M&S CEO Stuart Machin has publicly called for Chancellor Jeremy Hunt to introduce reforms to business rates and the apprenticeship levy in his upcoming budget.
In a post on LinkedIn, Machin stated that the government must do more to understand the importance of retail.
He has urged the chancellor to revise the current model of business rates saying “balance is wrong and stymying growth”.
He is also calling for a complete overhaul of the apprenticeship levy which “would unlock the opportunity for thousands more to learn as well as earn in the retail sector”.
M&S contributes £5.6m to the levy but according to Machin is only able to access around a third of it.
Lastly, Machin called for the reintroduction of tax-free shopping as the effect was “keenly felt in our capital, London”.
The chancellor is set to unveil his Spring Budget on Wednesday 6 March.
Machin said: “Increasing the business rates multiplier by nearly 7% from 1 April – at a time when the Government is looking to tackle inflation, retailers are working hard to offer customers the very best value, and people are struggling with the cost of living – is economically illiterate.
“We have an incredible employability programme at M&S called Marks and Start which has supported almost 12,000 young people into work through work placements and apprenticeships. We fund this entirely by ourselves as the Levy can’t be used for it which is just wrong.”
