M&S Warns of £120 Million Tax, Wage Hit From Reeves’ Budget (1)

Marks & Spencer Group Plc said it will do “all it can” to avoid passing on higher costs to customers as it faces an extra £120 million ($155 million) wage and tax bill in the UK.

Chief Executive Officer Stuart Machin pledged to absorb a sharp rise in national insurance contributions — a major payroll tax — by limiting costs.

“We’re definitely not planning to increase prices,” he said during a call with journalists. “We want to maintain where we are.”

Machin added that he “can’t rule anything out” when mitigating costs. The company said, in a separate statement to ...