NEW employment laws have cost firms £37billion since 1998 the CBI has revealed in a new report calling on the Government to examine the way it regulates workplaces.

The figures were published shortly after major legislation came into force, including far-reaching rules on age discrimination and extensions to maternity leave and pay.

Malcolm Hyde, CBI South East regional director, said: "Regulation has its place but the red tape it generates must not be allowed to undermine a company’s ability to get on with the day-to-day job of delivering to customers, increasing competitiveness and developing the business."