Business: Regulation
The question
To ask the Secretary of State for Business and Trade, what the net monetary value to business was of the removal of regulation in each year from 2010 to 2024.
Answered by Justin Madders
The Business Impact Target BIT, which was repealed by the previous government through the Retained EU Law (Revocation and Reform) Act, was the principal mechanism through which government made an estimate of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 change in the total annual cost of regulation to business. The total impact of regulatory changes between 2011-2022 measured by equivalent annual net direct cost to business is estimated to be an increase of £6.2bn. This data is taken from annual BIT reports and for the period 2011-2015 the data also includes calculations by the National Audit Office of some regulatory changes outside the BIT’s remit.
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