Commenting on the Government's plan to set regulatory budgets, Sally Low, Director of Policy at the British Chambers of Commerce, said:

"We're certainly very supportive of measures which aim to curb the flow of regulation on business. According to our latest Burdens Barometer, the cumulative cost of regulation on business since 1998 has now reached a staggering £66 billion.

"Clearly this figure is too high and in the current economic climate proposals which aim to reduce the burden of regulation will help to ease many of the pressures on companies across the UK"