The plans form part of a raft of measures aimed at sparking entrepreneurial activity in the UK, which has fallen from 7.7% in 2001 to 5.5% today, according to the Global Enterprise Monitor's annual report.

Although the final agenda for business is yet to be finalised, shadow minister for business and enterprise Mark Prisk revealed three areas in which the Conservatives wanted to be "a change for good".

He said: "Government's role is to provide a stable, long-term framework and to then free enterprise from needless red tape and over-complicated tax laws, and enable businesses to invest in and grow their firms."

Firstly, the party said it plans to simplify the tax system and, as a result, cut the headline rate of small company corporation tax from 22p to 20p, freeing up profits for entrepreneurs to invest, at a crucial time.

In addition, the Tories have pledged that, for the first two years of a Conservative government, they would abolish employer national insurance contributions for new businesses in their first year of operation on the first 10 employees they hire.

Finally, Prisk said that he would be leading a three-month research and consultation programme aimed at identifying how a future government could provide "a practical, focused approach to expanding mentoring and supportive finance for start-ups".