Marks and Spencer is braced for an annual hit of £40mn from sustainability taxes, laying bare the mounting costs UK retailers face beyond those arising from Labour’s October Budget.
The FTSE 100 retailer’s estimated yearly bill stems from packaging levies that will kick in from October, according to two people familiar with the costs.
The levy, which is meant to reduce unsustainable packaging produced by UK retailers, is expected to generate as much as £2bn a year from the sector, according to the British Retail Consortium, which represents 200 large companies, piling further pressure on the industry.
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