Business Impact Target 2019
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 20 June 2018, the Government announced its BIT target of £9 billion of regulatory savings during this Parliament.
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 5 June 2019.
In the period 21 June 2018 – 20 June 2019, 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 a couple of measures below the de minimis threshold, several activities related to policy development (e.g. launching a market review into the card-acquiring market), a range of casework activities, communications and stakeholder management activities, and a change to management.