The chancellor has announced plans to slash "form-filling and pointless paperwork" to save UK businesses up to £800m.
Ministers have said the proposed changes in regulations, announced ahead of John Healey's first Budget on Wednesday, will reduce unnecessary bureaucracy for businesses.
The move is part of a broader effort in the Budget to offer households and businesses more support amid rising costs.
In response to the announcement, the Conservatives said Labour had only made problems worse for businesses.
"Labour have finally admitted that endless red tape is hammering businesses and killing jobs across the country," shadow chancellor Andrew Griffith said.
Healey acknowledged British firms are "fed up with form-filling and pointless paperwork" eating into time and money that would be more valuable invested into their businesses.
He becomes the latest chancellor to pledge to slash red tape, which he said will allow businesses more "breathing space" to invest and create good jobs.
The changes should make compliance guidance easier, and simplify the reporting rules firms have to follow, the Treasury said.
Ministers have claimed this will save almost £800m in administrative and tariff costs.
Prime Minister Andy Burnham and Healey are expected to meet some business leaders on Friday at No 10 North.
Burnham said that it's unfair "pointless bureaucracy gets in the way" of hard-working people building their businesses.
"If you run a business, you want to spend your time serving your customers, creating jobs and growing your firm, not filling in unnecessary forms," Burnham said.
The government has set itself a target of cutting regulation by 25% by the end of the current Parliament.
The Confederation of British Industry (CBI) Chief Executive Rain Newton Smith has welcomed the plans, but said the test would be in delivering reform.
Meanwhile, the shadow chancellor argued that the unemployment act had only made "the situation worse and has created a youth jobs emergency".
"John Healey must get a grip in his Budget next week. He must back our Conservative plans to cut welfare and cut taxes so we can get Britain working again," he said.