Business leaders in Walsall have met to discuss an action plan in a bid to reduce the effects of the credit crunch and to help workers who have been made redundant get back to work.

Hundreds of people in the borough have been left jobless following the collapse of several businesses and the downsizing of others struggling through the recession.

The summit at the Village Hotel off Junction 10 of the M6 was attended by over 70 representatives from the public and private sector including Walsall Council, Black Country Chamber of Commerce, Walsall Regeneration Company, insolvency firms and local banks.

An idea suggested was the purchase of land and vacant premises while prices are low so that they may be able to thrive when the economy improves.

Councillor John O’Hare, leader of the council and chairman of Walsall Partnership, said: “We need to act quickly and it is very important the key agencies from the public and private sector come together to offer advice on the best way to try and soften the blow of the credit crunch.