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The Small Business, Enterprise and Employment Act 2015, as amended by the Enterprise Act 2016, has brought Ofqual and other statutory regulators into the scope of the government鈥檚 business impact target (BIT).

The government鈥檚 policy objectives for the BIT are to provide a wider focus for the reduction of regulatory burdens on business, to improve transparency around the impact of regulation and to provide greater incentives for regulators to deliver policies that better meet the needs of business.

Regulators are required to report on the period from 8 May 2015 to 8 June 2017. The legislation requires us to assess the economic impact on business of regulatory changes and calculate a 鈥楤IT score鈥� using a methodology defined by the Department for Business, Energy and Industrial Strategy. Our assessments and BIT scores must be verified by an independent body known as the Regulatory Policy Committee and published. These are qualifying regulatory provisions. We must also publish a summary of regulatory activities which fall under the BIT 鈥榓dministrative exclusions鈥�. These are non-qualifying regulatory provisions and do not require an assessment of economic impact on business. The documents we are publishing have been verified by the Regulatory Policy Committee.