The Guardian reported that Stuart Machin, the head of Marks & Spencer, has criticised John Healey's first budget as chancellor, dismissing it as a "whole lot of nothing". Machin told the Guardian he was disappointed by the statement delivered last week, saying it failed to tackle the priorities needed to support growth. He also criticised what he described as an "onslaught of taxation and regulation" from the Labour government. As an example, Machin pointed to the freeze on business rates in real terms, which he said would add £10m to the retailer's current £170m rates bill. Despite his criticism of the budget, Machin welcomed an expected agreement on EU border checks for food. His remarks came as Marks & Spencer revealed its half-year results.
Source: The Guardian.
