Defence, housebuilding and trimming government departments all came under the spotlight when Chancellor Rachel Reeves announced her Spring Statement in the Commons earlier today.
Meanwhile, the Office for Budget Responsibility has revised down growth projections for 2025 by one percentage point and further reductions in welfare have also been tabled.
Here, West Midlands business leaders have been reacting to the statement, with some calling it electioneering and others saying there were positive steps (below).
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Click through here for a summary of the key points in the Spring Statement and recap some of the key moments in our live blog here.
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James Dickens, Wavensmere Homes
James Dickens is managing director of Birmingham-based housebuilder Wavensmere Homes which is behind several projects in the city and wider West Midlands.
He said: "The economic cost of Reeves' increases to national insurance, the living wage and stamp duty will lead to hospitality operators going out of business, be felt by the pockets of all those looking to move onto or up the property ladder and by the housebuilders vying to deliver energy-efficient new homes.
"Next week's rises will be a bruising hit to all businesses that are heavily reliant on labour. Unless something is done to support hospitality, the decimation of that industry is very very real.
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"We are dealing with multiple quality operators across a number of city centre schemes where they are the bedrock of the placemaking we are trying to create.
"These venues are unable to move forward without some positive intervention and clarity of where their operational costs are going to end up.
"Germany has adopted a reduced VAT equivalent of seven per cent for hospitality. A similar policy should be considered for the 海角视频 to support these fragile operators."
Russell Luckock, Birmingham Post columnist
Manufacturer and columnist with our sister paper the Birmingham Post Russell Luckock said: "This afternoon's statement by Rachel Reeves sounded to me very much like an electioneering financial report with constant barbs at the Tories which, as one would expect, generated substantial vocal support from the party around her.
"However, she has yet to see exactly what is actually going to happen as a result of the new measures due to take effect next month. For instance, every job to employers is going to be more expensive which I believe will result in unemployment figures rising.
However, the additional expenditure on defence, and the relaxation of red tape to enable small businesses to quote, will be welcome news to the West Midlands with its multitude of highly skilled manufacturers.
"Time will tell if her actions will actually result in the forecasts being made by the OBR will be achieved."
Tom Bromwich, Bromwich Hardy
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The head of a Warwickshire property agency has criticised the Chancellor's Statement for failing to make any mention of employment land.
Tom Bromwich, managing partner at Bromwich Hardy in Coventry, said: "Once again we heard pledges to build 1.3 million homes in this Parliament, the promise to create 60,000 new construction workers and to support the builders, not the blockers.
"But where are the people in these new homes going to work? Not all can, or want, to work from home.
"We need to increase the supply of employment land across Warwickshire, otherwise how are our successful businesses going to find the space to expand within the county?
"And how are we to attract inward investment without the land for investors to develop?
"We need to streamline the conveyancing system so that we can get shovels in the ground quicker. I couldn't hear any policies that addressed these issues."
Chris Sanger, EY
Chris Sanger is tax policy leader at big four accountancy firm EY.
He said: "After weeks of speculation, the Chancellor kept her promise of one fiscal event a year, leaving tax policy announcements to the Autumn Budget.
"Attention will now turn to June's Spending Review, followed by November's Budget, to see whether the Chancellor increases the headroom available within the fiscal rules following the OBR's latest forecast.
"On tax, it was always unlikely that we'd see any further changes come out of today, particularly given that measures announced last October, such as the rise in employer National Insurance contributions, are yet to come into effect.
"However, what we may hear in the coming weeks are announcements on tax administration and simplification efforts.
"While not policy changes, these positive steps include consultations on e-invoicing and cost sharing and have the potential to both reduce the tax gap and attract greater investment in the 海角视频."
Raj Kandola, Greater Birmingham Chambers of Commerce
Raj Kandola is director of external affairs at Greater Birmingham Chambers of Commerce.
He said businesses would breathe a sigh of relief that the Chancellor had not chosen to hit them with further tax hikes following the announcements she made last October.
"The Chancellor decided to keep today's statement high level but the facts remain clear - growth projections for this year are down and spending cuts have been made in order to restore the Chancellor's self-imposed rules for fiscal headroom.
"Firms will be pleased to see a focus on planning reform and increased capital investment in order to unlock growth which aligns with the recommendations made by the Business Commission West Midlands this time last year.
"The additional focus on increased defence spending was accompanied with promising statements on the need for British businesses to directly benefit from the associated procurement opportunities.
"Hopefully, this will benefit businesses in the West Midlands given our expertise in the field of advanced manufacturing as there was next to nothing announced for our region.
"The upcoming Comprehensive Spending Review should shed more light on the direction of travel for business support programmes and how they will impact firms in the region.
"Ultimately, there was very little announced in today's statement that will give businesses an extra spring in their step as they approach the summer.
"The Chancellor has got a big job on her hands to restore confidence and unlock firm level investment."
Steven Collin, Gateley RJA
Steven Collin is a director at Gateley RJA which is a chartered surveying firm and part of Birmingham-headquartered legal and business services group Gateley.
He said: "Measures announced this week and in the Chancellor's Spring Statement for an additional £625 million package to train up to 60,000 more skilled construction workers is a positive move for the construction industry where the shortage of workers and dwindling interest in the sector from school leavers has been felt for some time.
"We really value our quantity surveying apprenticeship scheme… so the funding boost for wider industry training will be a welcome shot in the arm.
"Many of those who have left the construction industry could bring vital experience and knowledge, essential for roles such as clerk of works and employer's agents, so it's encouraging to see the Government looking at initiatives to support them re-engaging with the industry.
"We work predominantly in the affordable and social housing sectors so the additional £2 billion announced for social and affordable housing for 2026-27, as well boosting the construction workforce behind the build, is very good news."
Corin Crane, Coventry and Warwickshire Chamber of Commerce
Businesses in Coventry and Warwickshire will experience short-term pain for a long-term gain, according to a business body chief.
Corin Crane, chief executive of Coventry and Warwickshire Chamber of Commerce, said there was very little in the Chancellor's speech about "the here and now".
"Construction and defence are very clearly areas for growth but there was no real detail on how this is going to be achieved," he said.
"The Chancellor was also very selective on the locations mentioned, with no clear immediate benefits to the Midlands.
"Manufacturing, engineering and innovation are key sectors for us in Coventry and Warwickshire so an overhaul of the Government's procurement process is welcomed and could see eventual benefits in the area if this can be done at pace.
"Most businesses are currently experiencing an extremely difficult time, with rises in minimum wage, National Insurance and business rates, and it is clear they will need to weather the storm in the hope for future prosperity."
Steve Harcourt, chamber president and director of Prime Accountants in Coventry
"While a long-term plan is positive, more needs to be done now to support businesses.
"Businesses are already looking at ways to save money, including gaining extra income, diversifying and outsourcing, so how much more can be done without government support is questionable.
"There was also lots said about getting people back into work but it's clear many businesses won't be able to afford to recruit people. It certainly seems like there's a piece of the jigsaw missing."