A number of the Department for Business, Energy and Industrial Strategy’s regulatory bodies are subject to the government’s business impact target (BIT).
The policy objectives of the BIT are to:
- reduce regulatory burdens on business and voluntary or community bodies, to free up resources and boost productivity
- increase transparency around the impact of regulation on business
- provide greater incentives for regulators to design and deliver policies that better meet the needs of business while respecting regulators’ primary duties
Under section 24A of the Small Business and Enterprise and Employment Act 2015 (as amended by the Enterprise Act 2016), statutory regulators must publish the following for the relevant BIT reporting period:
- their qualifying regulatory provisions (QRPs)
- an assessment of the economic impact on business of those QRPs
- a summary of regulatory provisions that are non-qualifying regulatory provisions (NQRPs).
Although there is no such statutory requirement for non-statutory regulators, they are encouraged to publish these documents also.
Published 16 January 2018