Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what methodology his Department plans to use to quantify the (a) time and (b) cost savings to SMEs from regulatory reform.

The government has committed to cut the administrative costs of regulation to business by 25% by the end of this Parliament. By focusing on reducing administrative costs, we will ensure that regulations achieve their policy objectives in the most efficient way possible with the lowest possible costs to business. My department is working across government to support delivery of this target and make businesses’ lives easier, including SMEs who represent the majority of businesses and are foundational to our economy.