The proposed "Economic Regeneration Bill" will be introduced to Parliament in place of plans to reform the House of Lords and is thought to include measures to relax planning laws and to act "as a push" for major infrastructure projects and deregulation, according to a blog in the Telegraph by the paper's deputy editor Benedict Brogan.
Elizabeth Truss, a leading member of the Conservative party 'Free Enterprise Group', called for an aviation bill to allow a new four-runway hub airport in the south-east and employment reforms to exempt small companies from unfair dismissal claims.
Truss is also "championing" the proposed Economic Regeneration Bill, which could also include compensation packages for residents affected by nearby developments and legislation to enhance the competitiveness of the banking, energy and telecoms sectors, according to a Financial Times report.
The proposed Bill includes measures aimed at "shaking-up" employment law, reforms to the competition system and an attempt to curb high pay, according to the FT's report. Also proposed is a new Energy Bill, which is aimed at reforming the energy market, to boost low-carbon producers of nuclear and green power.
However, members of both the Conservative and Liberal Democrat parties said that the legislation was in its infancy and would be subject to Parliamentary discussion before the Bill is progressed.
The proposed new legislation would mean "a third runway at Heathrow, new nuclear power stations, and more road-building", according to Brogan's Telegraph blog.