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The ability of a business to adapt to changing circumstances is essential to its success. UORRs leases have damaged the efficiency of the UK economy by incentivising overrenting and restricting the mobility of companies and the natural filtering processes within markets.

UORRs leases are out of step with the rest of europe. They are a barrier to small businesses and inhibit their growth. They inflate rents and property prices. The commercial property bubble was a direct consequence of their malign effect.

They are anti-competitive,in effect "price fixing" where the price/rent cannot fall to the actual market rent. In a falling/ deflationary market they discriminate against the incumbent firm in favour of new market entrants and create a two tier rental system.

Retail tenants cannot adjust their property costs and without this flexibility cannot compete in a modern dynamic environment.

Reform of this dreaded feudal is long overdue.