The regulatory environment does not work as well as it should. Unnecessary red tape is choking competitiveness, creating unnecessary burdens for business and putting up barriers to growth. That is why we are introducing a Government-wide target to reduce the administrative costs of regulation by 25% by the end of this Parliament. That will be supported by a baselining exercise to understand the administrative costs of regulation to businesses. The Prime Minister will set out more details later today. This is just the beginning; details of our ambitious action plan to reform the regulatory landscape will be set out shortly.