Traditionally the industry is used to reacting quickly to failures and solving problems for plant owners. Today we can monitor plant health, observe weaknesses and energy losses in drive systems and plan for maintenance shutdowns. The Eco-design regulations were updated in 2021 so that lower efficiency motors would be phased out of distribution – however, it is no longer the only driver; a war in Ukraine has now got companies thinking twice about their energy costs. I’ve been speaking to members who are having quotes several years old being resurrected in the hope of reducing plant energy bills. Fortunately, AEMT members are the first port of call for help with plant owners’ energy bills. The mini-budget supports this with a permanent £1m annual investment allowance (AIA) limit that effectively introduces full expensing for smaller businesses, meaning most plant and machinery investments will be fully deductible from profits.

Energy bills, mortgage rates, the cost to borrow money, inflation, and general living costs are all spiralling. If the business isn’t facing a crisis, then its employees are. It's difficult to know what to do when you need to make decisions quickly for the good of your business. Fortunately, membership of the AEMT extends to our partners Croner, and the CBI, who can offer of good advice to businesses during this crisis. If you’re a member who needs help and doesn’t know where to turn, then please give us a call. Additionally, we are working hard to bring members an exclusive benefits package by the end of this year, called AEMT Advantage. This package will bring down costs for your business and your employees, and I look forward to sharing details with members in due course.

Despite all the gloom in the papers, what other benefits does the mini-budget bring business? In terms of tax, it reverses the increase in Employer NICs combined with retaining the £5,000 Employment Allowance and cancelling the planned increase in corporation tax from 19% to 25%. The hope is that the additional cash given to businesses will trickle down to support the employees, but we will have to see if the gamble works. Coupled with £1m AIA, it looks like the government is doing more to support innovation and growth in business – which should certainly help the repair and maintenance industry in the long run.

For members, it's time to consider your profiles with the AEMT and ensure they present your business in the best light before we print our annual yearbook in early 2023. Please speak to the team about how you can do this via the website; call 01904 674 899 or email admin@aemt.co.uk.

If you’ve any comments or suggestions, or would like to speak to me about any of the above points, please don’t hesitate to get in touch. You can email me at thomas@aemt.co.uk or call 01904 674 899.