Impact of increase in NICs and minimum wage on customers and suppliers uncertain, says boss

Marks & Spencer has reported a better than expected jump in profits but warned that measures in last week’s budget could cost the company £120m next year.

The British retail chain’s pre-tax profits hit £407.8m for the six months up to October, up 17% on the same period last year, bolstered by sales rising 8.1% for food and 4.7% for clothing and homeware.