More than 50% of significant new regulations that impact on business in the UK now emanate from the EU.

But we need to show that the EU can modernise itself, can adapt to the needs of its citizens, can take their views into account. That will be our ambition for the UK Presidency.

Yet in order to make sure the European social model keeps up with the pace of economic change that is now necessary, the EU must embrace a new approach to lawmaking.

Here in the UK the government has decided to accept the recommendations of the Better Regulation Task Force to measure and make targeted reductions in the administrative costs - the red tape costs - that regulations impose on business.

UK vetoes EU Treaty: Once an Island, always an Island.

Is protecting the City of London from EU financial services regulations the same as protecting the interests of the people of the UK? Wonder. Wonder.