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A host of spending plans have been outlined today by Chancellor Rachel Reeves in her Spending Review.

Among some of the key headlines are that total departmental budgets would increase by 2.3 per cent annually, £1.2 billion a year would be allocated to training and apprenticeships and £22 billion for R&D.

There is also £2 billion for AI and funding towards the Midlands Rail Hub which is aiming to improve rail services between Birmingham, Coventry and towns and cities in the East Midlands.

A further to support transport projects across the West Midlands including an extension of the tram network to serve a new Birmingham City stadium, the NEC and airport.

You can read more details about today's Spending Review on the following links:

- Reeves outlines multi-billion pound investment plan

- Highlights from Rachel Reeves' review: Transport, housing, defence and NHS spending boosts

- Chancellor vows to make Britain a ‘defence industrial superpower'

- Action plan for AI worth £2bn

- Rolls-Royce selected to build small nuclear reactors in the º£½ÇÊÓƵ

- Massive £25.3bn funding for HS2 in spending review

Here, West Midlands business leaders have been reacting to the Chancellor's statement.

Keon Homes is a Staffordshire-based developer of affordable housing and welcomed the Government's commitment to the sector.

Partnerships director Matt Beckley said: "We have been asking for a longer-term approach to the housing crisis and this announcement today has answered our call to action.

"Extending the Affordable Housing Programme to ten years provides real certainty and a £1.4 billion annual increase on spending which should be immediately used to unlock land and bring developments to market more quickly.

"The additional spending will not come without its challenges, however. There is still a major skills gap in our sector so some of that money needs to be channelled into developing training programmes that can attract and upskill people to work in construction."

Raj Kandola is acting deputy chief executive of Greater Birmingham Chambers of Commerce and said local businesses would welcome a number of the announcements after "a rocky few months".

"The additional investment in transport infrastructure across the city-region had been heavily trailed. However, it was also pleasing to see a commitment for the Midlands Rail Hub," he said.

"It was pleasing to hear additional funding for skills and training investment - the key is to ensure this funding is aligned with the needs of local businesses.

"Additional funding for R&D investment, Artificial Intelligence, defence spending and housing is also welcomed. We look forward to hearing how this relates to the wider industrial strategy and ten-year infrastructure strategy.

"Nevertheless, without the scrutiny of the Office for Budget Responsibility, questions will be asked around the cost implications of these measures and whether the country will be facing further tax rises as we approach the Autumn Budget."

The British Business Bank runs the Midlands Engine Investment Fund which offers financial products to growing businesses in the region.

In the Spending Review, the bank's total financial capacity will be increased to £25.6 billion which will enable a two-thirds increase in investments to around £2.5 billion each year.

Chief executive Louis Taylor said: "As the public financial institution with responsibility for supporting the growth of smaller businesses across the º£½ÇÊÓƵ, the British Business Bank will play a critical role in delivering the º£½ÇÊÓƵ's upcoming modern Industrial Strategy.

"We welcome today's announcement by the Government. To deliver the Government's growth mission, it is critical that our most promising entrepreneurs can access the finance they need to grow their businesses, no matter what their background or where they are located."

Chris Tutin is technical director at construction consultancy Gateley RJA which is part of Birmingham-based legal and professional services group Gateley.

"Today's Spending Review saw the Chancellor detail the largest cash injection we have seen in 50 years for social and affordable housing," he said.

"This critical investment sends a strong message that affordable housing is back on the agenda.

"The commitment to new homes and construction skills is exactly what the industry needs to unlock sites and deliver much-needed housing stock.

"We very much welcome the announcement of a £39 billion investment over the next ten years. Successive governments have underinvested in this area leading to missed new home targets. And, as a result, we have seen first-hand a downturn in sites coming forward for development."

Helen Collins is Midlands managing director and head of affordable housing with property consultancy Avison Young in Birmingham.

She said: "A £39 billion Affordable Homes Programme and a ten-year rent settlement is a game changer - this is the first ever ten-year grant programme.

"Long-term certainty creates the platform for driving real momentum in affordable housing and housebuilding generally.

"We know that, in the West Midlands, we have more than 64,000 households on the waiting list for social housing and desperately need to build more homes to move families and children out of unsuitable temporary accommodation.

"We know it could take almost five years to clear waiting list backlogs even if no new households join. Critically, this investment should unlock more private capital for affordable housing."

David Morris is central region market lead for financial services group PwC.

He said: "The Chancellor's announcements today underscore the critical shift towards empowering regions with more control and decision-making tailored to local needs, executed by local leaders.

"Notably, the research and development package, which includes up to £500 million for regions across the º£½ÇÊÓƵ, will significantly bolster the robust manufacturing sector and 'innovation cluster' in the Midlands.

"This funding will facilitate ongoing development, upskilling, and rapid scaling of operations. The infrastructure updates, particularly the advancements in the Midlands Rail Hub, promise to enhance connectivity from Birmingham throughout the West Midlands and beyond. This is encouraging news as it will further fuel regional growth."

West Midlands Mayor Richard Parker said: "This Spending Review backs our ambition to rebuild the West Midlands and unlock opportunity in every community.

"It's a vote of confidence in our plan and a moment to invest in our renewal.

"From the biggest boost to social housing in a generation, to billions for new transport links like the Midlands Rail Hub and the East Birmingham Metro extension, the Government is delivering the long-term investment we need to grow our economy and improve people's lives.

"With new money for apprenticeships and skills, this is a plan for better jobs and a stronger, greener future."

Coventry and Warwickshire Chamber of Commerce chief executive Corin Crane said: "Businesses across our patch will hear the announcements around billions of pounds on nuclear power, defence, homes and transport and the sentiment will be positive towards that investment.

"I hear from firms all of the time and these are some of the topics that crop up quite often.

"However, we as a chamber and decision-makers in government have to work hard now to translate some of those huge numbers into what the opportunities are for local businesses.

"The huge sums of money look good on paper but businesses need to see how they turn into tenders and, ultimately, new work to deliver.

"That's how this Spending Review can help them to grow and create more jobs, and that's how we'll see it have an impact on our economy and the prosperity of local people."