Retail Sector Needs Urgent Government Action, Says M&S Boss

  • M&S CEO Stuart Machin calls for business rates and apprenticeship levy reform
  • Chancellor Jeremy Hunt urged to revise current model of business rates
  • Apprenticeship levy overhaul would unlock opportunities in retail sector
  • M&S contributes £5.6m to the levy but can only access a third of it
  • Reintroduction of tax-free shopping in London proposed

Marks & Spencer (M&S) CEO Stuart Machin has publicly called on Chancellor Jeremy Hunt to introduce reforms to business rates and the apprenticeship levy in his upcoming budget. In a LinkedIn post, Machin emphasized the importance of understanding retail’s role in the economy. He criticized the current business rates model as ‘stymying growth’ and called for an overhaul of the apprenticeship levy to benefit thousands more learners. M&S funds its employability program, Marks and Start, entirely by itself due to levy restrictions. The chancellor is set to unveil his Spring Budget on 6 March.

Factuality Level: 8
Factuality Justification: The article presents a clear request from M&S CEO Stuart Machin regarding business rates and apprenticeship levy reforms, and provides specific examples to support his argument. It also mentions the upcoming budget date and quotes from Machin. However, it lacks any counterarguments or alternative perspectives.
Noise Level: 3
Noise Justification: The article provides relevant information about M&S CEO’s call for reforms in business rates and apprenticeship levy, and highlights the issues faced by retail sector. It also mentions the upcoming budget and M&S’s employability program. However, it lacks a deeper analysis or exploration of long-term trends or consequences of these decisions.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses business rates, apprenticeship levy, and tax-free shopping which impact retail companies like M&S.
Financial Rating Justification: These topics are related to financial matters such as taxes, budgets, and government policies that affect the operations and profitability of businesses in the retail sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk