"Over-regulation depresses corporate profits, consumes valuable management time and saps entrepreneurial morale," say the authors. "It makes the UK less attractive to investors and destroys the wealth creation on which the whole of government depends."

There are three big sources of red tape - the EU, Whitehell, and the regulatory offices like Ofcom and Ofwat. For each one, we need to make sure that fewer new regulations are created, that existing ones are rationalized, and that enforcement does not become over-zealous.

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