Business leaders in the West Midlands have welcomed proposals in the Autumn Statement by the Chancellor to do more to support businesses by focusing on existing budgets and prioritising real growth measures.
Michael Ward, president of Birmingham Chamber of Commerce, said he hoped the measures announced by George Osborne improve economic stability.
The chamber said it did not predict a recession in 2012, but rather predicted “minimal to low growth”.
Mr Ward said: “In the circumstances we are pleased with the new measures announced which will support private sector growth through investment in improving infrastructure, access to finance and business support.
“Against the backdrop of political instability and impotency across the EU and US, the Chancellor’s deficit reduction strategy has earned the UK real credibility in the financial markets.
"This has been hard earned- and we wholeheartedly support the Government’s reiteration of its commitment to deficit reduction today.
“However in the face of falling business confidence, we welcome the Chancellor’s commitment today to do more. The extent of the challenge to both balance the books and grow the economy was made clear today by the significantly poorer economic prognosis by the Office for Budget Responsibility.
“We also predict that employment will continue to rise to 2.7 million people nationally and that the Monetary Policy Committee will increase the quantitative easing programme to £325 billion, from £275 billion, to tackle the lending squeeze caused by the eurozone crisis.”