Plan to limit new regulations cost

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A proposed system of regulatory budgets would be a world first and would improve the "thinking" of Government and business in planning and implementing regulation more efficiently, said ministers.

The plans include a limit on the cost of new regulation for each Government department, an initial budget set in 2009, and offsetting the cost of new regulations with savings by cutting existing red tape.

Business Secretary John Hutton, said: "Good regulation should drive competition and boost our productivity, but too many new rules can stifle enterprise and blunt our competitive edge.

"If the UK is to remain a respected place to do business, we must not expect business simply to absorb the costs of a stream of new Government initiatives.

"The introduction of a regulatory budget for every department will focus new regulations on the real priorities and act as a powerful incentive for departments to cut or streamline existing burdens.

"This innovative approach will build on efforts already in place to cut the burden to business by 25% by 2010."