The Business Impact Target
The Small Business, Enterprise and Employment (SBEE) Act 2015 requires the Government to publish a Business Impact Target (BIT) for deregulation and to obtain independent verification of the deregulatory economic impact.
On 3 March 2016 the Government announced its BIT target of £10 billion of regulatory savings during this Parliament. This report is then laid before Parliament each June.
The independent Regulatory Policy Committee (RPC) verifies all submissions to confirm that all legislative regulatory provisions that do not count towards the BIT (i.e. non-qualifying regulatory provisions) have been classified correctly. RPC verified the PSR’s submission on 21 June 2017.
In the period 6 May 2015 – 5 May 2017, the PSR did not have any qualifying regulation adding to the burden of business regulation.
The PSR had a number of measures that are BIT exempt, including four pro-competition measures, two EU regulations, two market reviews, a range of casework including a single super-complaint from the Consumers’ Association, and some communications and stakeholder management activity.
These are summarised in the attached document.