The Bank of England Monetary Policy Committee is being urged to take heed of the Midlands manufacturing crisis and forget any prospect of an interest rate rise.
It meets today in the wake of the collapse of MG Rover and sweeping job cuts at the likes of Marconi, Peugeot and Jaguar.
Birmingham Chamber of Commerce and Industry policy director Jerry Blackett said: "The MPC must keep interest rates on hold. The economy needs a stimulus not a brake.
" With few pre- election promises regarding business and no commitment not to raise business taxes, there is still a worry the new Government will impose higher business taxes to pay for its public service spending promises.
"Figures released last week showed that the manufacturing sector has contracted for the first time in two years and West Midlands firms don't need another kick in the teeth after the month they've just had, that has seen thousands of redundancies and the threat of hundreds more."
David Stevens, president of Solihull Chamber, added: "The run-up to the General Election was unsettling for business and coupled with the bad news from MG Rover and Marconi the West Midlands has had the confidence knocked out of it."
Steve Swinden, chairman of the Midlands World Trade Forum, said: "With the collapse of Rover and the cutbacks at Marconi, suppliers and manufacturers will be looking overseas for new markets but higher interest rates will only hamper their efforts to find new foreign customers."
Louise Beard, chief executive of Coventry and Warwickshire Chamber, called for interest rates to be reduced, not raised.
She said: "There is no doubt that the last couple of months have been extremely tough for the region with the closure of MG Rover, troubles at Marconi and the axing of a shift at Peugeot.
"Individuals caught up in these events have mortgages to pay and bills to meet and there is no doubt that a cut in interest rates from the MPC would influence the banks and other lending organisations.
Black Country Chamber chief executive Ian Brough said: "The very least we want is for interest rates to stay as they are.
"The uncertainty generated by the election campaign and the recent news from MG Rover, Marconi and elsewhere in the world make the case for putting rates up unsustainable.
"Chamber members are trying their hardest to keep the economy moving forward by seeking new markets and looking to improve their skill base. Any move to make that even more expensive would be deadly."
Black Country industrialist Peter Mathews said companies there, looking to export their way out of trouble, needed all the help they could get.
"The attitude for companies in the supply chain has to be 'if our products were good enough for Rover, they are good enough for anyone in the world'," he said.
"What they don't need is to have their hands tied by cripplingly high interest rates."
Sir Digby Jones, CBI director-general, said: "March and April were tough months for business.
"Manufacturers were hit by the high costs of oil and raw materials. Retailers suffered as consumers experienced a fall in disposable incomes with higher fuel and utility bills, and a slowdown in the housing market.
"Business and consumers need continued stability and I hope the MPC will leave interest rates on hold."