In a bid to boost small businesses and bolster economic growth throughout the UK, Prime Minister David Cameron is backing a call to decrease the EU red tape that is said to be costing UK firms billions.

The new report, which was commissioned in June by Cameron and aptly named ‘Business Taskforce,’ proposes capping the fees on digital transactions, simplifying waste collection, and changing chemical regulations, among other things. Simplifying the rules on health and safety compliance alone may save the country more than £2 billion.

"We must now persuade our European partners and the European Commission to listen to business and to move faster to reform the way Europe regulates,” Cameron wrote to EU leaders.

"I will be calling for a clear commitment to sweep away unnecessary burdens and to unleash private sector growth," he went on to say.

Overall, the report draws attention to a plethora of oppressive rules that actually hold back the competitiveness of many British firms and offers a list of 30 major modifications to the current EU regulations. The proposals within the report could save UK firms a significant amount of money, thus allowing for expansion.

Many of the changes focus on ways to help boost small businesses, especially those with fewer than ten employees, and allow them to grow.