National insurance increases for shops and pubs are real and large. Pity the small operators

M&S, Sainsbury's and Wetherspoon's are far better placed to manage the shock of a sudden cost increase than smaller rivals

- Nils Pratley

Yesterday's number of the day in the UK corporate scene was £60m. It is what Marks & Spencer expects to pay in additional employer national insurance next year, with the "same again", said Stuart Machin, the chief executive, from wage increases that were already in train before last week's budget. And £60m was also JD Wetherspoon's estimate of its increases in taxes and business costs for 2025, including a jump of 67% in national insurance contributions.

If those figures seem chunky even for large employers, wait until even bigger companies report. It would not be surprising if J Sainsbury, with 148,000 employees, says today its employer national insurance bill will rise by about £120m next year - or by slightly more than 50% from last year's level of £222m. Wage increases could add another £80m.