Rachel Reeves has been told by M&S CEO Stuart Machin of the need to back retail in the autumn budget on 26 November.
The Chancellor visited M&S’s Pudsey store in her Leeds West constituency on Friday, where Machin warned her extra costs heaped on retail in last year’s budget were making it harder to do business.
“We’re investing millions of pounds in our Yorkshire stores, so it was great to show the Chancellor around our renewed food hall and discuss how we can continue supporting good-quality jobs in her constituency and across the UK,” Machin said on LinkedIn today.
“I’ve always been clear with the Chancellor that she needs to back retail. We’re the engine of the everyday economy – creating jobs, driving footfall, and delivering great value essential goods. But in the last year new costs and regulations have made it harder to serve our customers and support our colleagues. I’m hoping that the budget is a moment where we change course.
“The Chancellor knows what’s at stake for our customers. She bumped into many people she knew in the store, and engaged with our colleagues about what’s on their minds.”
Reeves is under mounting pressure to give small shops a promised business rates discount without subjecting large stores to a rates surtax that is supposed to help pay for it.
Co-op Group CEO Shirine Khoury-Haq said on Monday there was a danger small shops were “not being heard”, as the retailer warned 60,000 of them could close without the maximum discount possible. It follows warnings from the BRC that 400 large stores could close if they are forced to pay the surtax.
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