Gordon Brown's "wait and see" statement over the euro has thrown Worcestershire's businesses into a state of limbo.

Importantly, the Chancellor did not rule out joining at all, saying Britain would join the single currency if and when his much vaunted five economic tests were met.

This, however, has left many unsure about what exactly is happening - and city business leaders have warned that uncertainty is the enemy of businesses, investment and, ultimately, jobs.

Bob Michaelson, chairman of the Institute of Directors for the West Midlands, said the announcement had left businesses "in limbo".

But he did say the decision not to join the euro had been the right one.

"Businesses will be frustrated because they will not know what to do regarding investment," said Mr Michaelson, who is also chairman of the Conservative Business Forum, based in Malvern.

"The IoD had hoped the Chancellor would say he would not re-assess the five economic tests in this Parliament to provide much-needed stability for the financial markets and for business."

Christopher Harvey, from the Chamber of Commerce, Herefordshire and Worcestershire, said Gordon Brown's pledge to re-examine the issue next spring had added to the insecurity for businesses as there was still no firm date for action.

"Having decided we have not passed the economic tests, we should be saying the decision needs to be put off until after the next General Election," said Mr Harvey, who is responsible for the membership and representation in the chamber.

"It is not something we can take out and dust off every now and again. It is doubtful that things will change so dramatically that the five economic tests will be met in the next few years, so let's end the uncertainty. Businesses - and workers - need stability."

Chris Brickell, a partner with accountants Kendall Wadley, in Worcester, said the most important thing now was to have a "full and fair debate" on the issue.

"No one really understands the pros and cons of joining," he said.

"We need a clear and honest statement from the Government on the arguments for and against joining, and a full debate.

"There was a lot of rhetoric yesterday but not much actual substance. We need to know more, and we need some certainty."

Marks & Spencer, meanwhile, which has been taking euros in its UK stores since the currency was introduced into Europe last year, said it was not a big issue for them.

"We have a neutral position on the euro," said Sue Sadler, Press spokeswoman. "We are neither for nor against it."