Corin Crane, chief executive of the Coventry and Warwickshire Chamber of Commerce, said the speech echoed much of what companies in the region had been calling for in the run up to the General Election.
He said: “There is absolutely no doubt that the Government is moving at speed and businesses like the sense of urgency – there is no time to lose in getting our economy moving again.
“It has been stagnating for many years and while Covid and its aftermath have had an impact, many of the fundamental issues were already there and have been exacerbated by global issues.
“When we looked towards the election, we wanted a focus on skills to equip the economy with the workforce of the future. We wanted the Government to make it easier and less costly to business and we wanted a planning regime that, while providing the necessary checks and balances, allowed us to get on and build the homes, infrastructure and commercial property we need.
“We’ve fed this back directly and also through the British Chambers of Commerce and it feels like the new Government has listened.
“Of course, bills on the statute book do not deliver growth. The actions and the work that comes after is what will help businesses to grow and, in turn, move the economic dial in the right direction.
“But the sentiment around sustainable growth and – crucially – stability is something that we welcome after so many years of uncertainty.”
Shevaun Haviland, Director General of the British Chambers of Commerce, said: “The commitment to an industrial strategy could put in place a framework to unleash the pent-up ambition of British business to grow the economy.
“If we use it to make green innovation a key driver of that growth, and link it to a coherent plan around skills, trade, devolution, and AI, then the possibilities could be endless.
“Billions of pounds of private investment have been held back by businesses which have been watching and waiting for long-term certainty in the economy.
“The Government’s clear intention to speed up the planning system for large scale infrastructure can feed that business confidence, if it can be delivered. Measures to increase business resilience, reform of the apprenticeship levy and legislation to support sustainable aviation fuel could also boost the economy.
“Placing decision-making and funding in the hand of the people closest to their local economies, and the issues they face, while increasing a collaborative approach will also be welcomed.
“There are still big issues that need to be addressed. Improving our trade relationship with the EU will not be straightforward, and there will need to be detailed consultation with business on the Plan to Make Work Pay.
“But there is much in today’s speech which shows the voice of business has been heard and that Government is introducing measures that benefit firms and help unlock investment.
“We want to work in partnership with the Government to make this happen and shift the economy out of first gear to get it motoring again.”
