Analysts have suggested that the NI changes alone are expected to increase UK grocers’ costs by between £550m and £600m.
Earlier this week, the owner of Primark suggested it would have to look at options such as swapping out shop workers with self-checkouts to try to cut down on its labour bill.
It comes amid wider discontent around the Budget blows for businesses.
Figures last week suggested that two thirds of bosses were feeling negative about the Budget. The same proportion said the measures taken by Ms Reeves did not support growth in the Institute of Directors’ survey.
The cautionary comments from Mr Machin came as M&S shares jumped to their highest level since 2016, after it posted a 17pc rise in profits before tax and adjusting items in the six months to Sept 30.