Department for Business and Trade: Impact Assessments
The question
To ask the Secretary of State for Business and Trade, what steps his Department is taking to ensure the accuracy of its compliance cost evaluations.
Answered by Justin Madders
On 13 March, the Prime Minister announced that government will cut the costs of regulation to business by 25% by the end of this Parliament. First, we must fully understand these costs. To do this, we will establish a robust regulatory baseline by using data government already holds and working in partnership with business to understand their real-life experiences of complying with regulation.
Reducing these costs on businesses will allow them to flourish and to innovate, enabling economic growth.
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