Mr Neville, previously a vocal supporter of the Labour Party, believes the increase “could have been held back” due to the tough economic climate.
He joins other business leaders and economists in expressing concerns over the chancellor's tax-raising decisions since the government took office.
While supporting the minimum wage increase, Mr Neville highlighted the national insurance rise as a significant “challenge” for businesses, including his own.
The chancellor faces a £5bn gap in her spending plans following Sir Keir Starmer’s benefits U-turn and potential further financial pressures from a global trade war.