The regulations around UK Government-funded support for businesses are to be simplified to encourage economic growth.

More than 3,000 publicly-funded support schemes will be cut by a sizeable amount to around 100 over the next two years through the Business Support Simplification Programme (BSSP), allowing the Government resources to be targeted where they have the most impact.

The changes mean that the main access route for businesses seeking support will be Business Link, The streamlining of the system means less cost and confusion over the government's annual £2.5 billion spend in business support. The new products will support business creation, innovation finance, risk capital and maximising the potential of foreign direct investment.

The Department for Business Enterprise and Regulatory Reform has announced that Martin Temple, Chair of the manufacturers' organisation EEF, will head the transition management board for the BSSP.

Business Minister Shriti Vadera commented: "This is an important appointment to ensure delivery of our commitment to simplify and ease the access of our support for growing businesses.