Adam Smith looks at the cost of regulation
The Adam Smith Institute reports that "The annual cost of regulation to the UK economy was estimated by the government-sponsored Better Regulation Task Force (now renamed the Better Regulation Commission) to cost an astonishing 10 – 12 per cent of national wealth, measured as GDP. That works out at over £100 billion, the same amount as the income tax burden."
“Regulation is the invisible way to strangle an economy,” wrote Martin Wolf of the Financial Times (October 12, 2006). “Each regulation always seems reasonable. But each imposes a cost. That cost is felt in wasted time and in the economically inefficient decisions that result”.
One answer to the problem is described HERE.