What does British Standard do?

Could you elaborate on the role and purpose of British Standards in the context of industry regulations and quality assurance? Specifically, how do they contribute to setting benchmarks for products, services, and processes? Are they primarily focused on a specific industry or do they have a broader scope? Additionally, how do British Standards ensure that they remain up-to-date with technological advancements and changing market demands? Finally, what is the process for developing and approving a new British Standard, and how do stakeholders participate in this process?