Stuart Machin, chief executive of Marks & Spencer, has called on Chancellor John Healey to reverse recent tax increases ahead of the upcoming Budget scheduled for 28 October. Machin criticized the tax policies introduced in the previous two budgets, describing them as detrimental to business growth and urging the government to ease the financial burden on companies.

In a commentary published recently, Machin highlighted the impact of policy changes, such as rises in national insurance contributions and adjustments to business rates, which he said have imposed an additional £150 million in annual costs on Marks & Spencer. He added that the company faces a total tax bill of approximately £500 million as a result of these measures. Machin also emphasized the need for a formal agreement between the UK and the European Union on food and drink trade, describing such a deal as “common sense.”

Machin argued that rather than introducing further taxes and regulations, the government should focus on creating a plan to stimulate economic growth. While acknowledging the constraints of current fiscal rules, he urged the Chancellor to begin addressing what he characterized as the mistakes of the previous budgets by easing pressures on business.

Specifically, Machin criticized the Labour government’s decision to increase national insurance contributions for businesses, asserting that this hike has led to higher employment costs, contributed to job losses, and resulted in recruitment freezes within firms like Marks & Spencer.

The Budget on 28 October will be Chancellor John Healey’s first since taking office, as well as the first under the premiership of Andy Burnham. With calls from business leaders such as Machin, the coming fiscal plans will be closely watched for indications of the government’s approach to balancing fiscal responsibility with support for economic growth.