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The chief executive of Marks & Spencer (M&S) has described operating under the current government as “like running up a downwards escalator with a rucksack on your back”.

Writing on his LinkedIn account, Stuart Machin appealed to the chancellor to take three steps to help the retail sector in Wednesday’s budget, describing planned increases to business rates as “economically illiterate”.

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He argued the industry’s tax burden was unfair at a time when consumer demand continues to be constrained by the effects of the evolving cost of living crisis and that tax rises risked stoking inflation through higher prices at the till.

Mr Machin, who has run M&S since 2022, said: “Government policy makes being an employer of people and running stores – which the same MPs vaunt in their constituencies – really hard.

“Particularly so when the environment we’re operating in remains uncertain and inflation, while easing, is high.

“It’s like running up a downwards escalator with a rucksack on your back.”

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Tax cuts need to be ‘responsible’

He added: “We could have a longer conversation about how the government must do more to understand the importance of the retail sector to the economy (a sector which employs over 3 million people and pays £17bn in taxes by the way) and the need for a fully-fledged Industrial Strategy, but this budget probably isn’t the right time for that.”

His three wishes include: Reform of the “broken” business rates system, changes to the Apprenticeship Levy and the return of tax-free shopping for overseas’ visitors.

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Sir Paul Smith: UK needs tourists back

Among his assertions was the total tax rate for retailers stood at 45.7% compared with just under 40% for FTSE 100 companies as a whole.

He blamed business rates for the retail sector having the “tightest profit margins”.

Stuart Machin. Pic: M&S
Image:
Stuart Machin. Pic: M&S

Mr Machin said: “Increasing the business rates multiplier by nearly 7% from 1 April – at a time when the government is looking to tackle inflation, retailers are working hard to offer customers the very best value, and people are struggling with the cost of living – is economically illiterate.”

He revealed his wish list just days after scoring a significant legal win over the government.

The High Court ruled last week that the levelling-up secretary, Michael Gove, was wrong to block the company’s plans to demolish one of its flagship London stores.

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Mr Machin wrote: “Everyone knows the sad plight of Oxford Street – once the UK’s premier shopping destination – and we are continuing our fight to invest in a new store at Marble Arch, following last week’s successful court judgement.

“We must do everything we can to restore the street to its former glory and get that lost footfall back.”

Sky News has contacted the Treasury for comment.

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Ex-Reform MP Rupert Lowe alerts coastguard to ‘migrants’ – who were a charity rowing team

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Ex-Reform MP Rupert Lowe alerts coastguard to 'migrants' - who were a charity rowing team

MP Rupert Lowe alerted the coastguard to potential migrants on a boat – who turned out to be a charity rowing crew.

The independent Great Yarmouth MP posted a picture on social media on Thursday night of a boat near some wind turbines off the Norfolk Coast, saying he had alerted the authorities.

He wrote dinghies were coming into Great Yarmouth, “RIGHT NOW”.

“If these are illegal migrants, I will be using every tool at my disposal to ensure those individuals are deported,” he added.

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But the “dinghy” was actually an ocean rowing boat crewed by ROW4MND, a team of four attempting to row from Land’s End to John O’Groats for motor neurone disease research.

Rupert Lowe MP. Pic: PA
Image:
Rupert Lowe MP. Pic: PA

Mr Lowe, who was suspended from Reform UK in March, posted on Friday morning that it was a “false alarm” and was a boat of charity rowers, “thank goodness”.

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He said he would donate £1,000 to their charity “as a well done” – but warned people to “watch out for any real illegal migrants”.

“We received a huge number of urgent complaints from constituents – I make no apologies over being vigilant for my constituents. It is a national crisis,” he wrote.

“No mass deportations for the charity rowers, but we definitely need it for the illegal migrants!”

The ROW4MND crew were passing Great Yarmouth on their way to John O'Groats. Pic: PA
Image:
The ROW4MND crew were passing Great Yarmouth on their way to John O’Groats. Pic: PA

Police wanted to send a boat to check

It is the first of four gruelling rows the crew will take over four years in an attempt to raise £57m for motor neurone disease research, inspired by the deaths of rugby players Rob Burrow and Doddie Weir from the condition.

Matthew Parker, Mike Bates, Aaron Kneebone and Liz Wardley said the coastguard initially contacted them and asked if they could see a dinghy nearby.

Ex-Royal Marine Mr Bates, a British record holder for rowing across the Atlantic solo, said it soon became clear the coastguard was asking about their boat.

“I looked to my right and there was maybe a dozen individuals stood on the shoreline staring at us,” he told the PA news agency.

After the coastguard accepted they were not carrying migrants, they rowed on through the night but hours later were contacted again by the coastguard because the police had “asked if they could send a lifeboat out to check who we were”.

The crew leaving Newlyn Harbour in Cornwall last week after starting their challenge again. Pic: PA
Image:
The crew leaving Newlyn Harbour in Cornwall last week after starting their challenge again. Pic: PA

‘I’ve not been mistaken for a migrant before’

A friend then forwarded Mr Lowe’s post, which Mr Bates said was “a moment of light relief”.

“We found it hilarious. I’ve not been mistaken for a migrant before,” he said.

“The best comment was the one asking where the Royal Navy were when you need them. I’m a former Royal Marine, so the Royal Navy were on the boat.

“But it was almost like a vigilante-style, people following us down the beach.

“They hadn’t twigged that we were parallel to the shore for hours and not trying to land.”

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Gruelling four-year challenge

The crew set off from Land’s End on 25 July, heading north, but bad weather forced them to stop, and they decided to return to Land’s End and start again, heading anticlockwise around the UK.

Next year, the team is hoping to row from John O’Groats to Land’s End, then from California to Hawaii in 2027 and New York to London in 2028.

Mr Bates said: “We’re rowing for hope, we’re rowing to find a cure, and hopefully we’ll raise £57m – we certainly will if MPs keep talking about us. Maybe Rupert will give us a donation.”

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Roman Storm conviction for Tornado Cash sets ‘dangerous precedent’

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Roman Storm conviction for Tornado Cash sets ‘dangerous precedent’

Roman Storm conviction for Tornado Cash sets ‘dangerous precedent’

Tornado Cash developer Roman Storm’s conviction misapplies money transmitter laws, crypto industry group says.

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China cracks down on stablecoin promotions, research and seminars

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China cracks down on stablecoin promotions, research and seminars

China cracks down on stablecoin promotions, research and seminars

Chinese regulators ordered local firms to halt seminars and research on stablecoins, citing concerns over potential fraud and herd-driven speculation.

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