Conservatives unveil business deregulation plan

In a move designed to appeal to the business vote, the Conservatives have outlined plans to cut EU red tape

Shadow Secretary of State for Industry, Stephen O’Brien, revealed an eight-point plan designed to eliminate the ‘gold-plating’ of EU business regulation.

Around 60 per cent of all new UK law originates from EU legislation with 50 per cent impacting on the business sector.

With much of EU law wrapped up in even more red tape and effectively ‘gold plated’ when implemented into the UK, the Conservatives believe businesses are being drowned in a tide of regulation.

O’Brien said, “While the Government’s approach is marked by confusion and capitulation, the next Conservative Government will pursue a radical eight-point action plan to reverse the role of the EU as a major source of business regulation and eliminate gold plating.”

The Tories claimed an average of 12 working weeks a year are lost to red tape.

Shadow Chancellor, Oliver Letwin, said: “Businesses large and small have made it abundantly clear that the tide of regulation is moving in the wrong way. It is estimated that red tape costs since 1998 have been £30 billion. This is a major deterrent to business investment and economic growth.”

Opponents are likely to label the plans inherent euroscepticism and likely to cause an increase in legal challenges regarding business regulations, a scenario that could replace red tape with proportionate amounts of litigation.

The Conservative eight-point plan includes:

 - A minimum implementation of EU directives

 - Allowing existing gold-plating to be deleted

 - Supporting only EU legislation that has been costed with benefits outweighing costs

 - The appointment of a Deregulation Commissioner