What: M&S has launched a plea to the UK Chancellor to help the high street face the expected energy bill price increases threatening retailers.

Why it is important: Marks & Spencer CEO Stuart Machin wants Chancellor Jeremy Hunt to slash business rates, another significant burden on retailers which will also rise 10% next year along with energy costs.

M&S CEO highlights the deterioration of the Oxford Steet and the importance of retailers for employment as reasons for the rates to be reduced. The retailer has also been navigating the weakening consumer demand as households face similar economic pressures.

Other UK retailers, such as Tesco, Sainsbury’s, Greggs, and Iceland, have also called on the Chancellor to freeze business rates.

Marks & Spencer faces energy bill increase of 100-million-pound