Impact of the Autumn Budget 2024 on Businesses
LEEA members are evaluating how the Autumn Budget 2024, delivered on 30th October, will affect their strategies. The budget includes a £40bn tax increase, with significant changes such as the rise in National Insurance Contributions from 13.8% to 15% from April 2025 and the reduction of the earnings threshold from £9,100 to £5,000. Furthermore, the minimum wage will increase by 6.7% to £12.21.
While smaller employers benefit from an Employment Allowance increase to £10,500, larger firms face challenging adjustments. LEEA members report increased annual costs of up to £30,000, leading many to scrutinise their budgets for potential savings.
Also read: Meet lifting safety professionals at LifttEx 2024
Why Training Should Not Be Cut
When budgets tighten, training is often one of the first areas to be reduced. However, the Lifting Equipment Engineers Association strongly advocates against cutting investments in training. The lifting industry is essential to the UK economy and faces ongoing skills shortages. Sustained growth requires a steady supply of skilled professionals to meet evolving demands and embrace innovation.
Safety is also a critical concern. With over 90% of accidents attributed to human error, appropriate training is vital to foster competence, reduce carelessness, and ensure adherence to best practices. In such a hazardous industry, the question is not if companies can afford training but whether they can afford not to train.
LEEA’s Evolving Training Programs
The Lifting Equipment Engineers Association offers a unique training suite designed to accommodate diverse needs. Courses are available digitally or in-person, providing cost-effective solutions for members. Most courses are translated into languages such as Simplified Chinese, Arabic, Brazilian Portuguese, and French, with additional languages under development.
Recent additions include the ‘End User Guidance’ and ‘Introduction to Lifting Equipment’ courses, aimed at supporting Continuing Professional Development (CPD). The Academy 3 curriculum introduces a Foundation Certificate, reflecting LEEA’s vision of achieving zero accidents, injuries, and fatalities in the industry.
LEEA training is accessible, flexible, and tailored to meet global members' needs. More information is available at leeaint.com
Budget Measures Supporting Education and Training
The Autumn Budget 2024 includes £950m for college estates, £300m for further education, and funding for the Lifelong Learning Entitlement (LLE). The LLE, set to launch in 2027, will create a unified funding system to support flexible, high-quality education and training for adults.
An additional £40m is allocated to reform the Apprenticeship Levy into the Growth & Skills Levy, enabling businesses to fund accredited training programs. LEEA supports the Lifting Equipment Technician apprenticeship, providing a foundation for advanced training and CPD options.
A Safe Investment in the Future
Training is a safe investment that boosts productivity and addresses the challenges posed by rising costs under the Autumn Budget 2024. The expertise gained through training supports supply chains, enhances customer value, and ensures safer working practices.
The Lifting Equipment Engineers Association (hyperlink this with: www.leeaint.com
) is dedicated to creating a safer industry through expert training. By prioritising safety and skills, companies can overcome challenges and thrive in a competitive environment. Isn’t it time to explore LEEA training?
