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 4 July 2018.
In the period 9 June 2017 – 20 June 2018, 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 three pro-competition measures, one EU regulation, several consultations relating to policy development and a range of casework activities.