Regulation: Costs
The question
To ask the Secretary of State for Business and Trade, if he will make an estimate of the annual cost of regulatory compliance for businesses in each of the last five years; and if she will make a comparative estimate of the cost of regulatory compliance (a) in the UK and (b) across the G7.
Answered by Justin Madders
The Business Impact Target, which was repealed by the previous government through the Retained EU Law (Revocation and Reform) Act, was the principal mechanism through which government made an estimate of the total annual cost of regulation to business. In its place, the reformed Better Regulation Framework encourages an earlier and more thorough assessment of impacts of individual regulatory proposals. This government will use the framework to ensure that new regulations achieve their objectives, with the lowest possible cost to businesses and households.
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