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Baroness Seccombe: My Lords, before the noble Lord sits down, may I ask him whether he agrees, even after all he has said, that the substantial burdens of regulation and directives on small businesses may impede their growth into large world-beating businesses such as he has referred to? By "small" I mean up to 20 employees, not 200.

Lord Sainsbury of Turville: My Lords, of course regulation is a major issue but, as I think the noble Baroness's colleague, Mrs Angela Browning, acknowledged, the previous government had not made a success of reducing regulation. I do not think that we have done all the things that we might have done but we are determined to do more, because it does impinge on small businesses. It is a great problem for them, but of course there are many cases today of highly successful small businesses which have become the real success stories of our economy. Psion, ARM and Bookman were all small businesses which in the last two or three years have grown into world-beating giants. That is where we should focus our attention; that is where the opportunities are in a manufacturing country.

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