Shoppers to seriously rein in spending this autumn, says M&S boss

Retailer to shut 32 more stores in next three years, and expects profits to flatline in year ahead

Shoppers are expected to rein in spending seriously in the autumn, after enjoying holidays abroad and the jubilee celebrations this summer, the boss of Marks & Spencer has said, as the retailer said profits would flatline amid consumer uncertainty".

Steve Rowe, the outgoing chief executive of the food, clothing and homewares retailer, said M&S's costs were rising by between 5% and 9%, depending on the product category, adding a chunk of that is going to get passed on" to customers.