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Regulatory Enforcement and Sanctions Bill [Lords]

I shall go on to address some of the other issues concerning the amount of deregulation that has occurred under this Government. Perhaps I should just reflect on a series of measures that we have introduced to make it easier for businesses to operate—for example, through the way in which employment law documentation has to be put together. New approaches were introduced that chief executives from the business world welcomed. The Companies Act 2006 introduced a series of measures to make it easier for businesses to operate. Some 500,000 to 750,000 private companies will no longer need to hold an annual general meeting as part of a wide series of changes to company decision-making processes, and £45 million of annual savings will be delivered as a result. Moreover, 60,000 private companies will no longer need to appoint a company secretary, saving each of them considerable sums. Further examples of the approach that the Government have taken to help businesses include helping them to communicate electronically. Independent estimates show that that change could save larger companies up to £400,000 a year, on a single mail-out. Those are just a few examples of the difference we have made to the regulatory burden.