Chancellor of the Exchequer George Osborne said:
"I wanted Lord Heseltine to do what he does best: challenge received wisdom and give us ideas on how to bring Government and industry together. He has done exactly that. This is a report bursting with ideas and we will study it very carefully."
A Report is being launched today by Lord Heseltine, exploring ways of stimulating economic growth in the West Midlands.
Lord Heseltine was given a warm welcome at Birmingham's town hall as he addressed members of the city's private and public sector.
Former deputy Prime Minister Lord Heseltine is in Birmingham today to announce an £11bn government investment for the Midlands.