'Manageable and reasonable': Waterstones boss defends shake-up of business rates

Decreases in business rates in struggling areas mean Waterstones will ‘get neighbours back again’, the bookseller’s boss predicts

- Sarah Butler

The Waterstones boss has defended the government’s approach to the high street, arguing that controversial changes to business rates are “sensible” and have benefited outlets in struggling areas.

James Daunt said the bookseller’s total business rates bill for this year was going to be similar to last year’s as big increases at large, successful sites such as its flagship on London’s Piccadilly had been offset by “quite significant” decreases at shops in more troubled locations.

He said he believed “our main advantage is that we will get neigh-bours back again” in places such as Newport in Wales, Grimsby in Lin-colnshire and Barrow-in-Furness in Cumbria, as retailers might now consider reopening amid lower business rates.

Rachel Reeves has faced a backlash over the looming tax changes from leisure businesses, particularly pubs, which had faced a 76% rise on average over the next three years. The chancellor has now promised a support package to mitigate the impact that could come as early as today, but confirmed at Davos last week that the support would be for pubs only and not the wider hospitality sector.