A new report conducted in response to the Autumn Statement has revealed more than a quarter (27%) of West Midlands businesses feel the Government's approach to achieving growth in the UK economy is unrealistic and unlikely to achieve positive results. A further 19 per cent of firms in the region feel they lack the knowledge and understanding of specific business needs.

The research, which took place over the seven days following the Chancellor's Autumn Statement, and saw 1,000 company owners and directors surveyed, reveals as many as 64% of businesses in the West Midlands do not think the Government is providing the right support for business growth. This compares to 79% in the East Midlands and 61% nationally.

It also shows that just 10 per cent of the region's firms believe the right measures are in place to avoid a double-dip recession next year, despite Chancellor George Osborne's plans to kick-start the economy announced in the Autumn Statement.

The survey revealed that almost one in four (38%) of the region's firms think a VAT reduction by 2.5 per cent in 2012 would provide real support to small and medium sized-enterprises, and a further 37 per cent want to see the 50p rate of income tax scrapped to encourage better trading conditions.

More than a quarter of firms in the West Midlands, 21 per cent, also believe compelling banks to provide better access to finance for smaller businesses will provide effective support. And a further 22 per cent also say there should be more investment in core sectors to help growth.

Sharon Wiltshire, managing director for Bibby Financial Services in the West Midlands, says: "This is the biggest survey we have conducted this year and it gives a clear indication of a disharmony between the Government and the West Midlands business community.

"The results raise real concerns around business support and the shape of the economy moving forward into 2012, and highlights that effective action on issues such as tax will make a real difference.

"Many of the business owners in the survey said there has been a lack of information about the types of funding facilities available and that sole traders and micro businesses are finding it particularly tough. That is why as an industry we need to be reaching out to those businesses who feel they have few options when it comes to access to funding and support to make them aware of the funding facilities that are available, such as invoice finance, so that next year is a better prospect for business growth.

"Even with the announcement of the £40billion boost to the National Loan Guarantee, barriers  still remain for smaller firms wanting to access finance as the credit risk is still firmly with the banks so they will be applying the same credit-scoring measures which has been a real obstacle for small and medium-sized businesses.

"The Government has claimed to be the 'Government for business' and recent steps do demonstrate a solid commitment, however, perception is everything and our survey shows that 64% per cent of West Midlands firms believe the right support isn't available. Regardless of measures put in place it is, therefore, essential that the Government encourages a sense of confidence amongst West Midlands businesses going forward."