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). The current BIT is for £9bn of savings to business over the course of the current Parliament (9 June 2017 – 2022).
For this most recent reporting period Ofwat did not undertake any activities that, according to the criteria in the legislation and the relevant ministerial statement, were subject to impact assessments from which a BIT score could be generated, and which 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 exemption criteria. This information is provided below.
Further information on the Business Impact Target can be found at gov.uk.