Economic turbulence has had a “decimating impact” on London’s retailers, according to Marks & Spencer chief executive Stuart Machin.
Machin said London was “on life support” because the government’s tax-free shopping decision threatened the UK capital’s position as a luxury hub.
He said the high street, which was meant to be London’s crown jewel, was a “national embarrassment” due to the proliferation of candy stores, low footfall and antisocial behaviour.
He also blamed the scrapping of tax-free shopping for international investors for holding back London’s retail scene.
M&S pledged to invest £12.5m in its London stores to try to revive the city.
