Turning to regulation, I intend to make three significant statements on deregulation during June. Today, I want to make the first of these. The measures that I will announce today will save business tens of millions of pounds and will benefit tens of thousands of businesses up and down the country. And to set out the immediate action we are taking to cut red-tape as well as some of my longer term goals. It is important that we keep the issue of regulation firmly in context.
Regulation is only one factor which influences the workings of a business in a modern economy.
And we need to focus on skills. We need to improve the competitive position of our economy. The Implementation Plan for the Competitiveness White Paper will do precisely that. The Small Business Service will help to implement the Working Families Tax Credit, which is itself a reward for work through the wage packet. This will be good for the individual and for the family.