The British Chambers of Commerce (BCC) published the figures in its annual 'Burdens Barometer'. The report reckons the cost of recurring regulation was £10.3 billion last year alone.

The BCC says the cost of bureaucracy means British businesses are losing their competitive edge in the global marketplace.

Spokeswoman Sally Low said:

"Despite talking tough on regulation, this year's figures are once again painful reading for business.

"The UK's growing burden of red tape is unsustainable and economic success cannot be taken for granted. Unless this increase is curbed we risk significant damage to the competitiveness of UK companies."