RETAIL and construction giants have warned that increased costs stemming from Labour’s Budget will be passed on to customers.

Marks & Spencer (M&S) boss Stuart Machin said the company would take a £60 million hit from a rise in taxes paid by employers.

He claimed that the retail chain would do “everything we can” to avoid passing on the extra costs to consumers, while adding that he could not rule out price rises, with an increase in the national minimum wage also adding to M&S costs.