By Claire West

The Prime Minister announced that six business leaders will work with the government to identify the European rules and regulations that need abolition or reform to help British companies grow.

The group - the latest step in the government’s drive to get bureaucracy out of the way of business - will be chaired by Business Minister Michael Fallon.

The business-led review on EU regulation will look at rules including those relating to health and safety, employment law and company registration,

It includes the following business leaders:

Marc Bolland, Chief Executive M&S
Ian Cheshire, CEO Kingfisher
Glenn Cooper, Managing Director, ATG Access
Louise Makin, CEO BTG
Dale Murray CBE, Angel Investor 2011 and BIS Non-Executive Director.
Paul Walsh, Chairman, Compass Group

Business Minister Michael Fallon said:

“The government believes in business, not bureaucracy. As well as stripping away unnecessary regulations at home we’re fighting hard to promote a pro-business culture in Europe. But our ambitions for growth demand quick action to clear away the rules that create the biggest burdens.

“The men and women I’ve invited to help us to identify and remove barriers to growth represent small and large businesses, established firms and start-ups. They have an unparalleled body of expertise and unquestionable commitment to innovation. We’ll listen carefully to their recommendations and demand that the EU takes decisive steps to free up UK firms.”

The work of the group will inform government reform and lobbying in Brussels and across Europe, as well as helping shape longer-term thinking about the impact of EU regulation on the UK.

Welcoming the announcement, Simon Walker, Director General of the Institute of Directors, said:

“IoD members are all too aware of the heavy burden that unnecessary and poorly designed regulation can place on businesses. We welcome this industry-led taskforce, and hope it will illuminate the areas of European regulation which need urgent reform. British businesses are buzzing with innovation and ambition, and delivering the best possible climate for them to grow should be at the top of the government’s agenda.”

Marc Bolland, Marks & Spencer Chief Executive, said:

“EU regulation has a significant impact on British business. I therefore welcome the opportunity to get to contribute to this important initiative.”

Ian Cheshire, Group Chief Executive, Kingfisher plc:

“We need a single market fit for the 21st century. That means reducing the regulatory burden on business through a reformed EU. We welcome the government’s commitment to working towards this.”

Europe's share of world output is projected to fall by almost a third in the next two decades. Evidence suggests that excessive regulation and complex rules are part of the reason for the decline — and the government is committed to radical action to address this.

The panel will report in September 2013.