About the Business Impact Target
Under the Enterprise Act 2016 HEFCE and all other statutory regulators have a duty to report against the Government’s Business Impact Target. The target for the 2015-2020 Parliament is a £10 billion reduction in the cost of regulation on business nationally.
We are required to assess the impact on the HE providers (‘businesses’) of any new regulatory activity or changes to our current activity, using an approved methodology. We must publish these assessments and report annually from 2017 on the total cost of our regulatory changes. This will enable the Government to know whether it is on course to meet the Business Impact Target.
Reporting against the Business Impact Target
HEFCE must assess the cost of changes to its regulatory provisions and of any new regulation that it introduces. These regulatory activities are known as the Qualifying Regulatory Provisions (QRP). An impact assessment must be produced for each QRP, independently verified by the Regulatory Policy Committee and published. The total cost of the regulatory change must be reported annually.
We must also publish a list of our Regulatory Provisions that remain unchanged in the reporting period. These unchanged provisions are known as non qualifying regulatory provisions (NQRPs). NQRPs do not need to be costed.