The chairman of Marks & Spencer has said that ‘rarely in the history’ of the retailer has Britain been ‘less friendly to growth and investment’.
In scathing comments made in the High Street chain’s annual report, Archie Norman said that the company’s role was to ‘ride the waves’ of higher taxes.
But he said that smaller firms have suffered more and this has resulted in the continued 'decline' of local High Streets.
The business has now 'emerged stronger for the experience' of a cyber hack that disrupted online sales for weeks last spring, Norman added.
But the crisis did cost chief executive Stuart Machin in bonuses, with his pay sinking to £4million last year, compared to £7million the year before.
