Marks & Spencer chief executive Stuart Machin said the Chancellor needs to consider the financial impact of higher taxes on retailers in the upcoming Autumn Budget.

In a statement, he said: “We were told last year’s tax rises were a one-off, and I refuse to believe that geopolitics makes that pledge moot. The world economy was volatile then, it is volatile now, and it will be volatile for the foreseeable future.

“I’m biased, but I think retail has a big role to play in the Government’s plan. We’re the engine of the everyday economy – creating jobs, driving high street footfall, and making sure families get affordable and high-quality food, clothes, and other essential goods.”

He said “retail has been hit by an alphabet soup of taxes and regulations” over the last 12 months.

“New packaging taxes – extended producer responsibility, or EPR – cost M&S almost £40 million a year. The drinks deposit return scheme – DRS – another £30 million to set up. Higher National Insurance Contributions – NICs – have been catastrophic, costing us an extra £60 million and leading to almost 100,000 lost jobs across the economy,” he said.

“And I can’t be the only one who doesn’t understand the Transmission Network Use of System tariff – TNUoS – but it’s sending our energy bills through the roof.

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“Retail is now facing £7 billion in additional costs, and our tax bill at M&S has risen to roughly £650 million. Add all this to the impact on farmers in our supply chain from changes to inheritance tax, and you’ve got a recipe for disaster, heaping pressure on the price of the weekly shop for families across the country.”

Machin also suggested restructuring inheritance tax and bringing in more young people into the retail industry.

“The Chancellor has two paths ahead of her. More of the same: plugging fiscal holes with tax rises, stoking inflation and suppressing demand. Or change course: spend less, borrow less, tax less, regulate less, reduce inflation and enable growth.”