Global marketsUpdated November 4

M&S says rates freeze could add £10m to its bill

The sales rebound is happening alongside a warning about costs. M&S chief executive Stuart Machin said the budget’s real-terms freeze on business rates would add £10 million to the company’s existing £170 million bill. The extra £10 million is Machin’s estimate of a future cost, not an increase M&S says it has already paid.

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Coverage started November 4