UK budget was 'a whole lot of nothing', says M&S boss

By Reuters News09:36 (UTC), 4 November 2026 Updated

LONDON, Nov 4 (Reuters) - The boss of Marks & Spencer MKS.L said he was disappointed with last week's UK government budget statement, calling it a "whole lot of nothing".

UK finance minister John Healey offered help to households buffeted by "global economic storms", easing the hit from rising energy bills and helping drivers with fuel costs in the first budget of Prime Minister Andy Burnham's government.

However, M&S CEO Stuart Machin said: "In terms of the budget overall, I think we all know, it was a whole lot of nothing."

"When you look at the last three (Labour government) budgets, you just can't ignore the fact that this is probably one of the biggest tax grabs in history," he told reporters after M&S reported first half results on Wednesday.

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