It was watched at an event at the Ramada Hotel, in Coventry, organised by Coventry and Warwickshire Chamber of Commerce and supported by Prime Accountants Group.
Reeves spoke about delivering prosperity for working people and also announced investments in the defence sector.
She also reiterated the benefits of the government’s housing reforms and changes to the National Planning Policy Framework and said that they provide the biggest positive growth impact that the OBR has ever predicted for a policy with no fiscal outlay.
However, business leaders at the event said that while there were investments being made in getting people back into work, there were no incentives for businesses which are already being squeezed by rising costs.
Corin Crane, chief executive of Coventry and Warwickshire Chamber of Commerce, said: “While a lot was said about the government’s long-term plans, there was almost nothing being said 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. 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’s clear that they will need to weather the storm in the hope for future prosperity.”
Steve Harcourt, director of Prime Accountants Group, added: “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.”
