Business Secretary Vince Cable has just announced plans to quell government interference in business. From 1st September a groundbreaking new One-in, One-out system will begin. So when Ministers want to introduce new regulations that impose costs on business, they'll have to identify current regulations with an equivalent value that can be removed.

The new rule has been designed to apply initially to domestic legislation affecting businesses and voluntary organisations in 'the third sector'. It follows on from the invitation in July for people to visit http://yourfreedom.hmg.gov.uk/ to tell the Government which regulations they believe should be removed or changed.

In theory, ministers will also be taking a rigorous approach to tackling EU regulations and gold plating. The Government will supposedly engage earlier in the Brussels policy process; take strong cross Government negotiating lines; and work to end so-called ‘gold-plating’ of EU regulations so that when European rules are transposed into UK law it is done without putting British business at a competitive disadvantage to other European-based companies.

Vince Cable says “We have to move quickly delivering credible and meaningful reductions in the burdens that hinder hard-pressed businesses and charities. We have to create a common sense approach in the way we think about new laws.

“By ensuring regulation becomes a last resort, we will create an environment that frees business from the burden of red tape, helping to create the right conditions for recovery and growth in the UK economy.”

He's an impressive guy and what he says sounds great.

But I wonder if it will really happen?