Marks and Spencer boss fails to rule out price rises after £120million hit from Budget

The boss of high street giant could not rule out price rises after revealing a £120million wage hit from last week’s .

Chief executive Stuart Machin said the would add £60million to its costs. And it faced the same again from an increase in the National Living Wage next April, he said. “I want to keep focused on fantastic product and value and minimise the impact on customers,” Machin said.

The extra outlay will add to ’s current £460m total tax bill. Around £170m of that is from business rates, and Machin expressed disappointment that reform of the system was also earmarked for 2026.

It came as M&S reported a better-than-expected 17.2% jump in half-year profits, to £407.8m. Sales rose 7.5% in its food business and 5.3% in its clothing and home division.

Machin singled out womenswear, where it sold two million pairs of jeans and a bra every two seconds. A range from actress Sienna Miller also proved a hit.

The results mark another step in M&S’s recovery after years of false dawns. Despite an “uncertain” consumer backdrop, Machin said he was upbeat about the festive period. “I am very confident that if we execute our plan we will have a strong ,” he said.