There was a mixed reaction from business leaders across the West Midlands to Chancellor Rishi Sunak's Spring Statement today.
Some said they felt the measures he outlined barely scratched the surface of what was required while others claimed there were welcome steps in its statement to the House of Commons.
Among the key issues which have been highlighted by West Midlands business leaders are soaring energy prices and tax rates on business investment.
You can read all the key points from the Chancellor's sprint statement here
Paul Breen, managing director of Solihull-based affordable housing specialist Living Space, welcomed measures to help tackle the cost of living crisis, but said: "This is barely scratching the surface of the current issues.
"Soaring energy price rises are hitting those on low incomes disproportionately. Far more needs to be done to prevent more households from falling into spiralling debt by simply using their cars and heating their homes.
"With appropriate funding, the affordable housing sector can lead the way in decarbonising the UK's housing stock."
Clive Hickman, chief executive of the Manufacturing Technology Centre in Coventry, welcomed the "concrete steps" to ensure the region's manufacturing sector remained competitive, sustainable and resilient.
"The Government's commitment to cut tax rates on business investment will boost manufacturing productivity and create high-quality jobs," he said.
"In addition, the reform to R&D tax credits is a very positive step that will enable the scheme to be more effective, better value for money, and more generous. These measures will be crucial to spur innovation and encourage investment across the region."
Russell Luckock is chairman of Birmingham pressings firm AE Harris and a regular columnist with our sister paper Birmingham Post.
He described it as a "clever budget politically" but warned that, while the immediate cut in fuel duty would help now, it would not match the actual increases in prices and the general rise in the cost of travel.
"The National Insurance threshold increase is designed to soften the blow of the forthcoming levy but will not take the pain away, nor will the income tax thresholds cover the shortfall," he said.
"The VAT cuts will help industries involved with the manufacture of solar panels and wind turbines.
"However, with inflation now at 6.2 per cent and forecast by the OBR to be 8.4 per cent, for most households it will mean belt tightening."
Chris Romans, head of tax for financial services firm EY in the Midlands, said the absence of a formal Budget was no reason for the Chancellor to avoid making changes.
"There was not a single tax rise in sight. The immediate cuts were focused on today's sources of pain - that of fuel duties - matched with commitments to allow the Chancellor to maintain credibility in the journey to net zero. Beyond this, the measures were few but targeted.
"The Chancellor spent much of his speech in design mode….his is a positive step forward, providing a forum for engagement."
Coventry and Warwickshire Chamber of Commerce said there were "very few crumbs of comfort" in the statement.
Chief executive Louise Bennett said: "I do not think we should be surprised that it was not a budget for businesses. In fact, there are very few crumbs of comfort as businesses face increased costs left, right and centre.
"At a time of economic challenge for the whole world, we do understand the Chancellor's cautious approach to the public finances.
"While we could point to areas of current policy and continue to ask for further support, we do understand that the Chancellor has to balance the levers of public spending at his fingertips."
Nathan Wallis, chief of staff at Birmingham-based financial services group Wesleyan, said the Spring Statement went some way to addressing the "very real challenges" faced by households across the UK but they were unlikely to go far enough.
"Some of our customers are lying awake at night, worried about the impacts of the cost-of-living crisis and this announcement may ease the burden but won't make it go away.
"To combat inflation, the Bank of England raised the base rate last week but it's unlikely savers will see the benefits passed onto them for some time.
"Many households are now focusing on how to manage day-to-day costs but making radical changes, such as dipping into pensions or savings to pay bills, should be a very last resort as this could have significant implications on people's finances in the future."
Mike Tuhme, head of tax at KPMG in the Midlands, said: "The Chancellor has trailed for months that he wouldn't be making any significant fiscal changes in the Spring Statement.
"But the cost-of-living crisis has forced his hand into making a major announcement on National Insurance and income tax thresholds, albeit the basic rate reduction is another two years away.
"On paper, these are pretty expensive rabbits to be pulling out of the hat, though the impact of fiscal drag in a high inflation environment has given him more than enough headroom to do this."
Businesses in Greater Birmingham will feel "a huge sense of frustration", according to the chamber of commerce.
Chief executive Henrietta Brealey said the measures announced by the Chancellor did not go far enough to tackle the rising cost of doing business.
"There were welcome elements to the measures announced such as raising the threshold for National Insurance contributions and increasing the employment allowance," she said.
"However, businesses are still faced with increasing costs from energy prices, talent and labour shortages, supply chain disruption, VAT for hospitality returning to 20 per cent and rampant inflation with key sectors still needing time to recover from the pandemic.
"Meaningful action cannot wait for the next big fiscal event - the Autumn Budget. If the Government is still serious about Building Back Better and Levelling Up it needs to back the wealth generators and engines of economic and jobs growth - our businesses."
