Businesses have paid out £55 billion in dealing with new regulations since 1998, according to research by the British Chambers of Commerce (BCC).

The organisation is calling for all parties to make small to medium sized enterprises a priority, and with the possibility of a general election on the horizon, the issue of regulation is prominent.

"The British Chambers of Commerce has calculated that since 1998 businesses have had to cope with over £55 billion worth of new regulations.

Alan Duncan’s pledge to cut red tape before imposing new regulation on business is to be welcomed, and one we hope could lead to an overall reduction in the regulatory burden. British firms will look on with interest as the details behind the proposals start to take shape,” stated Sally Low, director of policy at the BCC.

Alan Duncan, shadow secretary for Business Enterprise and Regulatory Reform pledged not to introduce any further regulation for businesses until there had been a red tape reduction at the Conservative Party Conference.