Following the Prime Minister's update to the House of Commons today regarding the three tier lockdown system, Richard was able to ask whether regulatory impact assessments for the three-tier approach could be prepared and scored by the Regulatory Policy Committee and then laid before the House of Commons.
A regulatory impact assessment (RIA) is a tool used to inform policy decision-making and uses cost-benefit analysis to assess whether a regulation is likely to achieve the desired objectives and ensure the policy is based on robust evidence. The Prime Minister responded positively that assessments could be carried on these new measures.
Speaking after the statement, Richard said: "Regulatory impact assessments are absolutely vital in assessing the impact of regulation on the community and particularly on small businesses and I was encouraged by the Prime Minister's response and look forward to seeing the assessment in due course."
