Chancellor Rishi Sunak unveiled a string of emergency measures on Thursday worth £15 billion to tackle the impact of soaring inflation.
It will see millions of households receive a £400 discount off their energy bills and a £5 billion windfall tax levied on oil and gas giants.
Other measures include targeted support for the poorest, the elderly and the disabled, with the rest of the cash coming from extra borrowing.
Suzanne Webb, Conservative MP for Stourbridge, said: "This extra injection of money announced by the Chancellor today to help everyone with inflation and energy bills is most welcome.
"It brings total government cost-of-living support to £37 billion this year and it recognises the acute pain many people in Stourbridge and across the West Midlands are dealing with as bills for everything soar.
"Extra support for those on benefits, older people, and the disabled is targeted in the right way and it is compassionate. The Chancellor has carefully thought through the options and hit the right note.
"The cost of living is the number one concern and it is right the Government is helping. However, no government can solve every challenge we face. Many of the drivers of high energy costs and inflation are global in nature and will persist for many months yet. This Government, or any other in the world, cannot stop them and we all need to recognise that reality."
Stuart Anderson, MP for Wolverhampton South West, said: "The last few years have been unprecedented, from a global pandemic to Putin’s invasion of Ukraine.
"I recognise the pressure that these events have put in household budgets across Wolverhampton. That is why I welcome the Chancellor’s £15 billion package of support, which brings overall assistance with the cost of living to £37 billion.
"With more than three-quarters of support going to the most vulnerable, including pensioners, these interventions build on our existing £22 billion package of support and will help to ease global cost of living pressures on millions of households across the country.
"The plans will also encourage oil and gas companies to reinvest their extraordinary profits in helping support families through this difficult time, while encouraging investment and growth as we secure our long-term recovery from Covid-19 and combat the UK’s current high levels of inflation."
Councillor Wendy Thompson, leader of the Conservatives in Wolverhampton, welcomed the move and said the major issue had been rising energy costs. She added her party was trying to do "as much as we can" to also help tackle unemployment in the city.
She added: "I saw £15 billion pounds – a huge sum of money – is going to be given by the Chancellor to help with the cost of living crisis and that was really pleasing news, because we know a number of people in Wolverhampton could use help like that, so we're pleased at that coming through."
"The aspect of it (what people are talking about) is the energy costs and that's hitting people universally. Any help that can be given to that is extremely welcome."
Councillor Alan White, leader of Staffordshire County Council, said he was pleased the Chancellor had taken these steps but they recognised "many will still be facing higher bills than ever before".
He said: "In Staffordshire we are committed to doing everything we can to help those struggling the most, including free holiday activities for those receiving school meals, 'beat the cold payments' for those on low incomes and one-off payments to care leavers to help with bills.
"These are difficult times for many and as a county council we will be working with partners to help those most in need of support."