Gordon Brown told the CBI's annual dinner last night that Labour would adopt a "more humble" approach over regulation in its third term.

The chancellor told his audience of business leaders that there must be a "new model" for business regulation that puts the focus on "no inspection without justification".

Brown added there had been "so many false starts" by governments seeking to cut red tape, but insisted Labour was now seeking "a new relationship with business".

The chancellor said: "I propose not simply a new approach to regulation but to build a new trust between business and government founded on the responsible company, the educated consumer and government more humble because it is well aware of its limitations."