Under section 21 of the Small Business and Enterprise Employment (SBEE) Act 2015, Ofwat is obliged to produce impact assessments for all activities it undertakes that meet the Business Impact Target eligibility criteria. Statutory regulators are obliged to report against the Government’s Business Impact Target (BIT) of £10bn of savings to business over the course of the previous Parliament (May 2015-May 2017).
For the reporting period in question Ofwat did not undertake any activities that, according to the eligibility criteria, were subject to impact assessments from which a BIT score could be generated, and therefore applied to the BIT target. As a result, our reporting obligation centres on setting out the non-qualifying status of each of our activities against the exclusion criteria. This information is provided below.
Further information on the Business Impact Target can be found at gov.uk.