Business leaders from across the West met yesterday to watch George Osborne deliver his long-awaited Spending Review.

GWE Business West held a series of seminars at which it brought companies together with public sector representatives to talk about the impact of the cuts and the issues of concern to business.

And the overall view from those present was that the review could have been worse for business.

Phil Smith, managing director of GWE, said: "Most businesses will be relieved that there were no major surprises, that to some extent we now know more about what we are dealing with and that as businesses we can just get on with our job.

"There is still a key issue that remains unanswered – where will all the new private sector jobs come from to replace the loss of public sector jobs?

"Businesses want to create new jobs and to grow, but also need the confidence and support to do so."

Among those at the session in Bristol was Mark Hill, a partner from Deloitte's South West office, who welcomed plans for a £1 billion green investment bank.

He said: "It is causing some controversy, but it remains to be seen what the total will be once asset sales and private sector involvement are clarified. The commitment of funds and asset sales proceeds demonstrates a real commitment in Government to making the Green Investment Bank work."

Bob Whittington, chairman of Bristol-based architects Stride Treglown Ltd, added: "I feel that the Chancellor's message was a lot more upbeat than it could have been, talking about the future, about growth, about education.

"Yes, there are cuts to be made but there are also areas of investment, including schools, hospitals and housing. We've all been holding our breath for the last six months, let's get on with breathing again."

Martin Racher, the Bristol and Somerset area director for Lloyds TSB Commercial, said: "There will, of course, be challenges for SMEs from the changes to government spending, but there will also be opportunities.

"One particular priority for the Government is in the field of sustainable development and the South West is one of the most active regions in terms of business development in this area."

The construction sector has been particularly hard hit since the start of the recession, but local firms said there were positives to be taken from the spending review.

Caroline Mitchell-Sanders, from CB Richard Ellis in Bristol, said: "For some UK landlords the termination of Government leases might actually be seen as a blessing in disguise.

"There is little new development stock in the pipeline in areas of high demand, so if the Government vacates prime office space the landlords who own it will be in a good position."

Neal Stephens, South West and Wales managing director of Willmott Dixon, added: "Plans to prioritise public spending in areas that support growth must be seen as broadly helpful.

"To this extent the CSR is better news than expected, albeit we will need to review the content in more detail to assess likely impacts specifically within our region.

"But our view remains that the role of the banks in stimulating the economy is critical – and this is particularly true for the construction sector, which is a major player in the South West region."