Chief Secretary to the Treasury James Murray has pledged to “end 15 years of sluggish growth” as he set out the Government’s plan to boost investment and cut red tape for British businesses.

Speaking outside the investment summit, Mr Murray said there was a “real buzz” among investors from across the UK and around the world, as they met with ministers, mayors and regional leaders to discuss new opportunities for growth.

“There’s a real sense of excitement,” he said.

“Businesses and investors are telling me they’ve got a Government who really believes in them one that will work with them as partners to drive private sector investment.”

Mr Murray insisted the Government’s focus on stability and deregulation would give firms the confidence they need to expand.

“Stable public finances are crucial to boosting business confidence,” he said.

“If companies see that stability, they’re far more likely to invest and grow.”

He added that cutting unnecessary bureaucracy would save businesses £1.5billion this year, rising to £6billion by the end of the Parliament.

“Small family cafés shouldn’t have to waste time filling in pointless paperwork,” he said.

“We’re scrapping rules that require them to submit lengthy director’s reports to Companies House that’s time they can spend growing their business instead.”

He acknowledged that some businesses had concerns, citing the Employment Rights Bill going through Parliament and the £25billion of National Insurance rises on employers.

“But businesses know that we took the tough decisions last year to stabilise the public finances and boost the NHS,” he said.

“That stability is really important to give businesses confidence to invest. If they look at the public finances and the state of the economy, seeing stability gives them greater confidence to make those investments.”

Mr Murray said businesses were also pleased by Government efforts to reduce regulation and remove unnecessary bureaucracy.

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He gave the example of small family-run cafés, which currently have to submit lengthy directors’ reports to Companies House.

“We’re going to get rid of that,” he said. “People can get on with doing what they do best, running their business, rather than filling in paperwork which doesn’t serve any purpose.”

He said these changes would save businesses £1.5 billion this year, rising to £6 billion by the end of the Parliament.

“That means people’s time and money is spent growing their businesses rather than filling in paperwork,” he said.