How to delete all spaces between a specific character and any other character in Javascript?

I have ah HTML string such as this:

<p>      some text    </p>     <b>  more    text</b>

How can I use regular expressions or some other means to remove all the spaces between the beginning and end of tags, and anything else? In this instance, to get this:

<p>some text</p><b>more    text</b>