They explained how the city council has, according to its latest forecasts, a budget shortfall in 2025/2026 and 2026/27 but that they have managed to find a break-even budget for 2024/25 due to measures being implemented.

The council also talked the group through key investments in the city that will support its plans for economic growth, including City Centre South, the West Midlands Gigafactory and the City Centre Cultural Gateway.

Corin Crane, the chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “We understand completely the financial strain that Coventry City Council is under – it is not alone as a local authority in facing these issues.

“As businesses we are, of course, here to ask questions of our local authorities to ensure the voice of business is heard when key decisions are made.

“It’s clear that there is very little room for manoeuvre when it comes to finances so it is really pleasing to see that, despite all of the challenges that Coventry is facing, that there is still a commitment to growing the economy.

“Economic growth has to be for the benefit of everyone in the city and we are completely aligned with Coventry City Council from that point of view.

“As the presentation showed, there are exciting new developments for Coventry and the city council has got the backing of business to move forward with those plans that will bring more investment to the region.”

Tim Squires, the chair of the Chamber’s Coventry Local Business Forum, added: “We are grateful to the city council for sharing its budget plans and we remain pleased that we can provide a voice for our members on such key issues.

“We have seen the city centre improve over recent years and it was pleasing to get an update on what is coming through City Centre South. As a manufacturer, I was also keen to hear the latest on the Gigafactory and the potential for further job creation and investment in our area.”

Pictured: Businesspeople gather at One Friargate for the Coventry Local Business Forum