Industry (Government Support)

The word "regulation" is often bandied around. Although many people hear it, they do not appreciate its full impact. Does my hon. Friend agree that, in the small business sector alone, nearly one full-time employee a year is needed to deal with the growth in regulation, particularly over the past decade—equivalent to a cost of about £11 billion a year—and that there is no greater signal for turning back the clock? I agree with my hon. Friend the Member for Stourbridge (Margot James) that it is perhaps time for a one-in, two-out policy on regulation.