The Government has announced details of its new “one-in, one-out” approach to regulation as part of a ‘comprehensive package of measures’ designed to cut red tape and bureaucracy. As of 1 September 2010, Ministers will not be able to implement new business regulations unless they can identify existing regulations with an equivalent cost to be removed. A panel of business experts will also scrutinise all new legislation before it is introduced, in an attempt to reduce the red tape ‘burden’ that UK businesses face. It is estimated that regulation cost UK firms £88.3 billion last year.