Commons Sense

House of Commons · Written Ministerial Statement

Business Impact Target

15 December 2020 · Department for Business, Energy and Industrial Strategy

Proposed by Paul Scully Con Sutton and Cheam

Business Compliance

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The Government sets an interim Business Impact Target of zero savings for regulatory measures affecting businesses during this Parliament.
  • The Regulatory Policy Committee will be reappointed as the Independent Verification Body to monitor compliance with the new target.
  • The Government plans to consult with businesses to refine the methods for assessing regulatory impact.

Issue summary

The statement sets a Business Impact Target for regulatory measures impacting businesses during this Parliament, aligning with the Government's commitment to achieving a balanced regulatory environment.

Action requested

The Government is setting an interim target of zero savings and will consult with business to refine assessment methods. The Regulatory Policy Committee will be reappointed as the Independent Verification Body to monitor compliance.

Key facts

  • The Business Impact Target is set at zero savings for qualifying measures.
  • Interim targets cover the first three years of this Parliament, also set at zero.
  • Qualifying regulatory provisions exclude those with an EANDCB below ± £5 million.
  • Regulatory Policy Committee will verify the impact on business.
  • The target methodology uses Equivalent Annual Net Direct Cost to Business (EANDCB).
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