The announcement was made in today's Fifth Statement of New Regulation from the Department for Business, Innovation and Skills (BIS), which claims a net saving to business of £836m from the 24months of the One-in, One-out (OIOO) rule.

According to the government's forecast for the first half of 2013, it expects to save UK businesses £83m in the first six months of One-in, Two-out (OITO) deregulation, including a £21.9m net benefit arising from changes to modernise and simplify the registration of company charges, giving a total saving for the 30 months to end of July 2013 of £919m.

Fallon said: "One-in, One-out has been the catalyst for a profound culture change across Government: Whitehall departments are starting to regard legislation as a last resort, not the default option.

"The new culture has resulted in real benefits to business. This statement shows that the changes the Government has made will reduce the annual cost to business by around £919 million, compared with when the Government came to office."

He added: "We are impatient for growth and I’m determined to remove this brake on aspiration. The introduction of the new One-in, Two-out target tightens the screw across Whitehall. Policymakers will need to make tough choices, and to think hard about how to get government off the backs of hard-working and hard-pressed businesses.

"This is a challenging agenda, but one that I intend to drive forward with vigour."

Included in the report is a summary of the government's bonfire of business regulation, the Red Tape Challenge (RTC), which has so far scrapped or substantially reduced some 1,270 of the 4,700 regulations it has looked at, providing total savings to business of £162m.

A further 53 RTC measures will become active in the first half of 2013, including 22 scrapped, with a net annual saving of around £12m (as part of the £83m net annual saving expected in the six month period).

The government has also published a list of the best and worst performing Whitehall departments over the 24 month OIOO period, which ranks the Department for Work & Pensions / Health & Safety Executive top with a net saving of £681m.

The BIS came in third with a net saving of £132m, while the worst performing department was the Home Office / Government Equalities Office, which posted a net cost to business of £97m and introduced more than three times as many measures as it cut after bringing in 10 while only getting rid of three.