There is a policy in place that was agreed in March 2005. It would seem that the PAB have committed to return to the issue of 10 year registration periods sometime next spring. With a bit of luck the earlier policy will have been actioned by then
Hazel
"The PAB, having considered the report of the Registration Periods Working Group, resolved to recommend that the Board consider the additional implementation of single year registrations and the synchronisation of multiple registrations to a common renewal date through shorter registration periods. The PAB resolved to recommend that the Board do not implement registration periods longer than two years for the time being, but resolved to reconsider the issue in approximately two years' time."
http://www.nominet.org.uk/digitalAssets/3250_PAB_meeting_Mar_05.pdf