The authoritative independent voice of the UK food industry

The authoritative independent voice of the UK food industry

News

M&S boss labels Autumn Budget a “tax grab”

5 Nov, 2026

M&S CEO Stuart Machin has responded to the Government's Autumn Budget, criticising the increase in taxes for the business over the last three Budgets.

Interested in reaching the food industry?

Explore our media pack for all of our advertising opportunities and partnership options.

Stuart Machin told reporters in the wake of the Budget that Chancellor John Healey’s announcement would add £10 million in business rates to the company, which already pays £170 million each year.

Machin said to journalists: “Even the headlines on business rates sounded positive, but it actually adds another £10 million to our business rates bill.

“If you look at the last three budgets, I can’t think of another time like it. It’s one of the biggest tax grabs in history that I have seen.”

Machin welcomed the progression of a UK-EU deal, but was disappointed that not all of his asks had been answered in the Budget. Machin’s asks included undoing the cut to the National Insurance threshold, getting rid of Extended Producer Responsibility and making sure the Employment Rights Act doesn’t ban the Saturday job by treating weekend shifts as ‘low hours’ contracts.

Stockpiling “tells customers to worry”

He also criticised Government’s decision to advise shoppers to stockpile, which saw shoppers being told to purchase enough provisions to last three days as needed.

Machin added: “Everything is pointing to people saying ‘we’re worried about cost of living, we’re worried about the headwinds’, and of course they are being told to worry as well.

“The stockpiling announcement a couple of weeks ago, when you get told by the Government to stockpile, everyone sits there and says: ‘well, you’re telling me to worry about something.’”

M&S “hits the ground running” in H1 2026

Machin’s criticism of the Budget comes as M&S posted its results for the first half of the year, with group adjusted profit before tax reaching £403.2 million, up from £184.1 million the year prior.

Statutory profit before tax was £355.1 million, versus £3.4 million last year. M&S attributed the progress to recovery from a cyber-attack in April 2025.

Food sales were up by 13.9%, and the category achieved an adjusted operating profit of £288.6 million. Ocado Retail sales were up 20.6%, with an adjusted operating profit of £25.6 million.

Stuart Machin, CEO of M&S, commented on the results: “We hit the ground running in the first half of the year, accelerating the pace of change and delivering market share growth in both businesses. Our hard work over the last few years to create a strong balance sheet has built a firm financial footing from which to invest and we are confident in the opportunities ahead. Despite the onslaught of cost headwinds, we have remained focused on our ambitions, and we are clear on our plan.

“Our Food business is ahead, delivering double-digit volume growth in a flat market and we have momentum as the UK’s fastest growing grocer. One and a half million more customers are shopping with us and our continued focus on quality, innovation and value is appealing to more families, as we become more of a shopping list retailer. Investment in new stores, technology and a modern supply chain are getting us ahead for future growth, and our plan to double the size of the Food business is on track.

“Our International business is growing, expanding through strategic franchise and marketplace partnerships. Ocado Retail is now profitable, supported by strong growth in M&S Food sales. There is work to do, but we see significant opportunities ahead for both. We enter the second half in a strong position, with a solid performance in October under our belts.”

Latest News

UK imported £4.1bn in seafood in 2025

UK seafood trade body Seafish has published its Seafood in Numbers report, finding that the UK imported an estimated £4.1 billion in seafood over the last year.

Celebrating inspirational women in the meat industry.

Order your tickets for the ceremony on 20th November 2026 at the Royal Lancaster Hotel, London

Everything you need to know about the Food Management Industry Awards can be found through our dedicated website.

Some of the leading companies that have participated in the Food Management Today Industry Awards...

The impact of El Niño on food and drink businesses

The impact of El Niño on food and drink businesses

Eliot Bassett, managing director at foreign exchange and currency risk management service provider Lumon Pay, discusses how climate-related disruptions can have significant, long-lasting impacts across the global food and drink industry.

The impact of El Niño on food and drink businesses

Eliot Bassett, managing director at foreign exchange and currency risk management service provider Lumon Pay, discusses how climate-related disruptions can have significant, long-lasting impacts across the global food and drink industry.

How frozen food can help bolster the resilience of our vital national food supply

Rupert Ashby, chief executive of the British Frozen Food Federation, explains why frozen food is well placed to help tackle the UK’s pressing food resilience challenges.

Grocery retail’s next evolution: the rise of ‘sentient’ stores

The next competitive advantage in grocery retail won’t come from technology alone, but from stores that can turn live data into intelligence and action, says Toby Pickard, retail futures senior partner, IGD.

Cheese shredding solutions by Urschel

Leading cheese processors rely on optimised dicing and shredding solutions supplied by Urschel.

The Multivac Total Offer: end-to-end lifecycle support

Streamline your operations with a joined-up approach to equipment, materials and service solutions from Multivac.

Revolutionise your sterilisation: how the Static Steriflow solves real production challenges

Interfood Technology talks to Food Management Today about the Static Steriflow, engineered for versatility and reliability in food production environments.

Sign-up for our newsletter and alerts

"*" indicates required fields

Name*

Which emails would you like to receive from us?

Please select an option*
* By subscribing or opting in to any communication you also give permission for us to send you occasional general information updates about this media portfolio. You can opt out or change your preferences at any time.