Cutting red tape and improving our regulation to encourage growth is a key priority for the Department for Business, Innovation & Skills (BIS). By 31 December 2012, BIS had reduced the total annual net cost to business of regulation by around £132 million under the ‘one-in, one-out’ rule. The current ‘one-in, two-out’ (OITO) commits departments to offset the cost of regulation by finding deregulatory measures of at least twice the value.
This 6th statement of new regulation (SNR) 6 sets out new measures that are expected to come into force during 1 July and 31 December 2013. The expected slight increase in costs to business under the challenging OITO rule is balanced by the deregulatory measures introduced in SNR 5, leaving BIS with a credit of £10.79 million. This has moved us further up the departmental rankings, putting us in second place on savings made to business. We will continue to reduce the burdens where possible and are already working to find further savings for SNR 7.
The statement also lists EU legislation, and existing legislation which has been scrapped or amended under the ‘Red Tape Challenge’ initiative. Where the value of measures has not been validated by the Regulatory Policy Committee, we will report final figures in SNR 7.