The Council's second meeting brought senior members of the government together with business, union and regional representatives to discuss regional economies.
The Department for Business Enterprise and Regulatory Reform (BERR) also announced that more than 10,000 businesses across the UK have already taken the opportunity of free Business Health Checks launched in October last year.
Each check, provided by the government's Business Link service, ensures that firms maximise their cash flow, marketing and business planning in the current economic climate.
Chancellor Alistair Darling said:
"In these tough economic times, our priority must be to reduce the impact of the slow-down on the whole of the UK and we are committed to continued investment to deliver for families and businesses across the country.
"Today's meeting is a welcome opportunity to discuss with employers, development agencies, local authorities and unions what more the Government can do help people and businesses."
Business Secretary Lord Mandelson said:
"It is vital that we listen to businesses and support them through these difficult times.
"Everyone across central and local government needs to work together to make sure we take effective action to support workers and businesses.
"I hope businesses take advantage of the free help and advice on offer from a Business Health Check. We want to ensure firms get the support they need to plan for the times ahead and come out stronger on the other side."