The Policy Context | 19
states that they are generally applicable to all Government interventions affecting the private sector, and should be made at several stages in the policy making process from the initial policy proposal through to legislation, a draft statutory instrument, immediately prior to implementation and at the review stage. Ministers are required to sign off impact assessments. A standard template for assessments is provided which should be supported by analysis and evidence. The intention is that all costs and beneďŹ ts - economic, social and environmental should be covered and monetised as far as possible. However, the emphasis of the BIS website paper is on administrative costs with little guidance on such matters as the effect on the activity being regulated The Hampton Report (2005) provided a comprehensive analysis of regulatory issues, and contributed signiďŹ cantly to increased understanding among regulators and others about how regulation should be conducted.
Principal recommendations in the Hampton Report
reducing inspec2ons where risks are low, but increasing them where necessary
making much more use of advice, applying the principle of risk assessment
substan2ally reducing the need for form-ďŹ lling and other regulatory informa2on requirements
applying tougher and more consistent penal2es where necessary
reducing the number of regulators that businesses deal with from thirty-one to seven
entrenching reform by requiring all new policies and regula2ons to consider enforcement, using exis2ng structures wherever possible
crea2ng a business-led body at the centre of government to drive implementa2on of the recommenda2ons and challenge departments on their regulatory performance.