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Libya/European Council

My hon. Friend makes an important point. Businesses that are either starting up now or are yet to start up will provide a lot of the growth in jobs, investment and opportunity here and elsewhere in Europe. What was encouraging about this European Council was that the Commission itself, in response to the letter that we had produced with other countries, brought up its own proposals, one of which was a moratorium on certain regulations for all new businesses for a specific period. That does not go quite as far as what we have done in the UK, but to hear the Commission talk about deregulation, cutting the burden of regulation and taking regulations off new small businesses was, I thought, very good progress.