Chancellor must cut back on damaging red tape - Davey

4.29.10pm GMT Wed 6th Dec 2006

Liberal Democrat Shadow Trade and Industry Secretary, Edward Davey MP

Ahead of the Chancellor's 10th pre-budget report, Liberal Democrat Shadow Trade and Industry Secretary, Edward Davey MP has attacked Gordon Brown for damaging British business with the mounting weight of regulation.

The Liberal Democrats have complied a list of the Chancellor's failings, which include:

• Seven different bodies tasked with looking at deregulation or better regulation have been set up since 1997.

• 159 consultations or reviews have been initiated by the Treasury since 2000.

• Finance Act with a record 517 pages.

• The British Chamber of Commerce has calculated that the cost to business of the myriad of legislation enacted since 1997 is £50bn.

• The UK has moved from 4th to 10th in the World Economic Forum competitiveness league.

Mr Davey said "In the last 10 years Gordon Brown has talked about cutting red tape 33 times in his budget and pre-budget speeches.

"This would have been laudable if the words were matched with action. However, during the same period the new regulations Labour has introduced have cost British business up to £50bn a year.

"Every time he says the word 'deregulation', it seems to cost business £1.67bn.

"It is high time Brown stopped talking and started delivering on deregulation promises. He should announce concrete plans to stop the Labour regulation juggernaut."