(1)Before the end of the period of 12 months beginning with the commencement of a Parliament, the Secretary of State must publish—
(a)a target for the Government in respect of the economic impact on business activities of qualifying regulatory provisions which come into force or cease to be in force during the relevant period, and
(b)an interim target applying at the end of the period of three years beginning with the commencement of the Parliament.
(2)In this section and sections 24 to 26 the target mentioned in subsection (1)(a) is referred to as the “business impact target”.
(3)At the same time as publishing a business impact target and an interim target, the Secretary of State must publish—
(a)a determination under section 22(2), and
(b)a methodology to be used for assessing the economic impact mentioned in subsection (1)(a).
(4)The Secretary of State must lay each thing published under subsection (1) or (3) before Parliament.
(5)Subsection (6) applies when the Secretary of State is—
(a)determining a business impact target for publication under subsection (1)(a), or
(b)making a determination under section 22(2).
(6)The Secretary of State must, in particular, have regard to—
(a)the effect of regulation on economic growth and competitiveness,
(b)the need to minimise any disproportionate impact of regulation on activities carried on by smaller scale businesses or voluntary or community bodies,
(c)the aim of delivering efficiency in regulating business activities while keeping the costs to businesses or voluntary or community bodies to a minimum.
(7)In this section and sections 23 to 26—
the “relevant day” means the day after a polling day for a parliamentary general election; and
the “relevant period” is the period beginning with the relevant day and ending with the polling day for the next parliamentary general election.
(8)Subsection (7) is to be read in accordance with the Fixed-term Parliaments Act 2011.
(9)This section and sections 22 to 27 (the “target provisions”) apply only where the commencement of a Parliament mentioned in subsection (1) above occurs—
(a)not more than 12 months before the target provisions come into force, or
(b)after the target provisions have come into force.
(10)Subsection (11) applies if an early parliamentary election is to take place in accordance with section 2 of the Fixed-term Parliaments Act 2011 before the end of the period of 12 months beginning with the commencement of a Parliament.
(11)Any duty imposed by the target provisions which would apply at any time before the commencement of the next Parliament is to be disregarded.