The Confederation of British Industry said that UK firms will be encouraged by pledges to cut regulation and improve the planning system in a bid to stimulate much-needed development.

CBI Director-General Digby Jones said the merger of the Inland Revenue and Customs and Excise should make life easier for small firms, and welcomed the simplification of pensions.

'Our message to the government is: you will need sustained political courage to achieve genuine reform -- failure is not an option,' Jones said in a statement.

About time this was done.
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