Britain’s commercial rent arrears will top £4.5bn this week, as another quarter day bill goes unpaid.

Tomorrow will see landlords bill £2.7bn for final-quarter rents, but just two thirds of that is expected to be paid at most.

The government’s decision to extend the moratorium on allowing landlords to pursue those who don’t pay has led to increased pressure on property owners.

“What on earth is going on?” is the question foreign investors have been asking Rob Noel, chairman of Hammerson, puzzled and appalled by the government’s stance.

Around £1.5bn in interest is due to be paid by landlords in Q4.