Indeed, the organisation said that it hopes ministers can lead to a further slashing of unnecessary bureaucracy to help businesses grow in the future.
Furthermore, IoD welcomed plans to list incoming European regulations because it believes it will shine a light on regulatory decisions and provide useful information for British businesses.
Alexander Ehmann, Head of Regulation at IoD, said that firms will be able to get ahead of the curve when it comes to new rules.
"The government's red tape bonfire has begun to burn under Michael Fallon's watch. With 'One-In, Two-Out' kicking in from 2013, businesses hope that the deregulation savings delivered so far could eventually increase to £4 or £5 billion," he added.
Last week, Business Minister Michael Fallon announced that the government will be starting a bonfire of excessive business red tape in the coming months to help with economic growth.
Posted by Emily Smith