Business Impact Target
This Act repeals the Business Impact Target (BIT) contained in the Small Business, Enterprise and Employment Act 2015, in order to make use of the UK’s regulatory autonomy now that we have left the EU, to ensure that regulation is fit for the UK economy, business and households.
	The repeal of the Business Impact Target (BIT) forms part of the Governments’ response to the ‘Better Regulation Framework’ consultation, as set out in the Benefits of Brexit Policy paper. It was determined that the BIT is not fit for purpose, as it fails to take into account the wider impacts of regulation outside of businesses.