Yesterday’s IBEC Business Sentiment Survey for the first three months of the year found that business confidence has improved and was at its highest in four years.
If yesterday’s court ruling, in which Bewley’s Café won a victory to prevent its landlord increasing rents again, ends up having wider implications, then that IBEC momentum towards optimism will accelerate.
Taoiseach Enda Kenny had, before he had the power to do so, promised to bring an end to the crippling practice of upward-only rent reviews. However, he has walked away from the issue citing legal advice.
That the ruling for Bewley’s may offer hope to certain businesses saddled with rent levels from our days of insanity (though not necessarily contracts agreed during the Celtic Tiger) was the most significant outcome yesterday, but that the courts are having to do what is properly the business of Government is disheartening.
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