THE red tape and bureaucracy hampering small businesses would be cut under a Conservative government, according to Huntingdon MP Jonathan Djanogly. The shadow minister for business, innovation and skills made the promise during a keynote address at a meeting of regional businesses in Cambridge on Monday March 15, where he said that the Government would aim to reduce the regulatory burden on businesses by five per cent. Any regulatory changes would be followed up three to five years afterwards to ensure that they had not had a negative effect on businesses, and a cabinet committee would enforce a "one in, one out" policy ensuring that new laws included cuts in existing laws, said Mr Djanogly. Research from the British Chamber of Commerce suggests that the burden of taxes and regulation on business is set to reach \u00A325.6 billion over the next four years, a figure Mr Djanogly said was "unacceptable". He added: "Red tape and the innumerable number of quangos established by this Government has undermined the UK's economic competitiveness and left business drowning in red tape. "Such is the red tape and bureaucracy attached to employment laws, albeit with the aim of protecting workers, that, ironically, many UK businesses are telling us they do not want to hire people any more." He also said his party would cut the rate of corporation tax from 28 to 25 per cent, and the small companies rate from 22 to 20 per cent, as well as abolishing National Insurance contributions with fewer than 10 members of staff. He also outlined Conservative plans for re-skilling Britain's workforce as part of its "Get Britain Working" scheme, encouraging people into self-employment, volunteering, mentoring and apprenticeships.