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The Government yesterday announced its Business Impact Target in respect of the economic impact on business of regulation. The setting of a Business Impact Target is a requirement under section 21 of the Small Business, Enterprise and Employment Act 2015. https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-06-20/HCWS776/
The key points can be summarised as:
- The target is for a saving of £9 billion to business and voluntary or community bodies from qualifying measures that come into force or cease to be in force during this Parliament.
- There will be an interim target of £4.5 billion of savings to be achieved over the first three years of this Parliament. The Government’s interim target is a saving of £4.5 billion.
- Regulatory provisions that have been certified by departments or regulators as falling under the de minimis rule, namely those that have an Equivalent Annual Net Direct Cost to Business ( EANDCB) of less than £5 million will not be included as part of the target.
- Regulatory provisions that implement new or changed obligations from European Union Regulations, Decisions and Directives, and other international commitments and obligations, (except in cases of gold-plating) will not be included.
- Regulatory provisions that have been certified by departments or regulators as relating to the safety of tenants, residents and occupants in buildings that relate to, Government’s response to the Grenfell tragedy will not be included.
UKAS continues to work closely with regulators and with policy makers within Government to ensure there is an understanding of how UKAS accreditation can continue to support an intelligent, risk based regulatory framework and add value. The responsibilities the Business Impact Target places on departments provides further opportunity for rethinking their regulatory approach and to consider seriously how alternatives such as self, regulation, co -regulation or earned recognition can be used to both promote business whilst ensuring consumers and the wider public are protected.
Further link: Working with Government