Marks & Spencer accuses Labour of driving up energy bills
The boss of M&S has attacked the government for driving up the retailer’s energy costs.
The CEO of Marks & Spencer has said that Government levies which increase energy costs for UK businesses are unsustainable.
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In a LinkedIn post, boss Stuart Machin said that taxes placed on M&S now make up more than half of the retailer’s energy costs.
"Over the last few years the "policy costs" on our energy bill have skyrocketed," Machin wrote.
"It’s just not sustainable for UK businesses," he added.
Machin attacked the "non commodity costs" that the Government adds to the wholesale price of energy for certain companies.
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Also known as third-party costs, these tariffs are added on top of energy bills for most businesses, usually to cover the cost of delivering the energy and maintaining the national grid, as well as supporting the UK's green energy transition.
The money is used by the government to fund large renewable energy projects like wind farms, to punish companies who have high carbon emissions, and to incentivise businesses to switch to clean energy alternatives.
Non-commodity costs can make up almost 60% of a business's energy bill.
A Government spokesman said: "We know that businesses across Britain will be concerned about the impact on their energy bills from events in the Middle East."
"Our mission for clean power by 2030 will get us off the roller-coaster of fossil fuel prices, to cut bills for businesses and households for good."