Businesses in Birmingham expressed dismay at the Bank of England's decision not to cut interest rates.
But others were more sympathetic with the Bank's position, while hoping it will sanction a reduction next month.
Birmingham Chamber of Commerce & Industry policy executive Charlotte Ritchie said: "We really do not know now what depths the state of the economy has to sink to before they are moved to help a beleaguered manufacturing sector."
Peter Mathews, president of the Midlands World Trade Forum, added: "Manufacturing is on the verge of a recession in the UK with high interest rates causing part of the problem. We are sad that the MPC doesn't realise the effect this has on the sector.
"Keeping a strong pound with high interest rates is also adverse to our success in exporting. A realistic approach to interest rates needs to be taken in the future to bring us more into line with our competitors in Europe and the US who benefit from rates two points lower than ours."
Louise Beard, chief executive of Coventry & Warwickshire Chamber of Commerce, was equally disappointed.
She said: "I was hoping for a cut - but not expecting one.
"The Bank's inflation report is out in August and that could well be the time for a cut. Domestic demand has dropped of late and there is no doubt that the housing market has slowed while at the same time retail spending continues to bounce along the bottom.
"The pressure will be very much on ahead of next month's meeting and it will be interesting to read the MPC minutes when they are out in a couple of weeks."
EEF, the manufacturers' organisation, supported the decision to leave interest rates on hold, but said it believed the call for a cut was now "finely balanced" and urged the Bank to remain vigilant to the need to take action in the near future.
While the economy had slowed since the start of the year, the extent of this remained uncertain. The Bank needed to ensure that any cut was sustainable.
Ian Smith, EEF West Midlands' chief executive, said: "Manufacturers will look to the Bank to take decisive action to maintain business and consumer confidence should the evidence point to weakening conditions."
Trevor Williams, chief economist, Lloyds TSB Financial Markets, agreed. "The decision was contrary to what many people, not least the financial markets, had been expecting but there is compelling evidence for keeping base rates on hold for the time being," he said.
"Although revisions to economic data show weak growth in the last six months, prior to this growth was strong and even now remains close to trend. Inflation remains close to target and may even edge higher over coming months due to continued high oil prices.
"Levels of consumer debt remain high and the MPC may not have wanted to encourage more borrowing at this time. However, a base rate cut is now likely sometime this year, perhaps as early as August, to help forestall any further fall in consumer confidence and to provide a modest boost to spending whilst not reigniting the housing market."
BRC director general, Kevin Hawkins, said: "We are obviously disappointed that the Monetary Policy Committee has not reduced interest rates, especially in the face of so much evidence from across the economy that a reduction is now urgently needed.
"The MPC's failure to act simply means that we will lose at least another month to no purpose."
CBI chief economic adviser Ian McCafferty said: "Many businesses will be disappointed that the MPC decided not to cut interest rates immediately.
" While the economic situation is not desperate, it is clear that manufacturing is teetering on the verge of recession, the retail sector is under considerable pressure and the housing market is stagnant.
"As there seems little risk of inflation, a cut in interest rates would be welcome, sooner rather than later."
TUC head of economics Ian Brinkley said: "The Bank's wrong to have resisted the growing calls for a rate cut. Retail sales down, the housing market's in the doldrums, manufacturing figures show the sector close to recession. Next month must see a cut."