Doesnt the UK economy 'collapse' about every 15 years... 2007, late 80's/early 90's, mid-late 70's...
So management potentially wants to renegotiate again when they think they will have the bargaining chip of a duff economy to erode terms further? Or am I being a bit cynical?! Maybe the memorandum should include a clause that WE can initiate earlier if we choose, while they can not.