And outgoing Marks and Spencer boss Sir Stuart Rose has said the government had taken "very sensible action".

BBC: UK cuts 'to push unemployment close to 3m'

But so it was on July 14th when Sir Stuart Rose, the outgoing executive chairman, faced searching questions at the company's annual general meeting (AGM).

ECONOMIST: Big shareholders must get stuck in to make capitalism work

Some 500 business chiefs - including Lord Wolfson of Next and Sir Stuart Rose of Ocado - have signed a letter in Monday's newspapers backing the plan.

BBC: Business lobby group backs government push on EU deal