Sir Stuart blames government for "confusing" shoppers |
| Thursday, 08 January 2009 | |
 Marks & Spencer (M&S) executive chairman Sir Stuart Rose has hit out at the government for introducing "stop-start" policies during the recession, claiming these have hit spending.Rose said the government should "stick to its story" because consumers are becoming confused over its actions in a time of economic crisis. The M&S retail boss believes shoppers were scared before Christmas due to the collapse of the banking system in the US and bad news coming from all quarters. Rose commented: "I would sit on my money if I was uncertain about the future, and that is what we've been facing as retailers and that is why we are at the brunt of any slowdown." Yesterday the retailer announced it will be closing 25 Simply Food stores and two larger stores following a drop in third-quarter sales. About 1,200 people will lose their jobs. It is unlikely that he will take a pay rise or receive a bonus this year, Rose added, saying this would be "inappropriate" in the circumstances. Related Articles
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