How will AAT help in the cost-of-living crisis?

The recent ‘mini-budget’ was the Government’s attempt to begin turning the tide on the cost-of-living crisis. But sweeping tax cuts did not make our problems vanish. Indeed, initially things became more difficult and now we will need to wait to see the longer-term impact.

Addressing the immediate fiscal and economic problems is, of course, essential.

But I believe it is only part of the answer. One day we will have to pay for all the support. If we want to put this crisis in the rear-view mirror, we must become more efficient, effective, and productive as a country. 

Part of the solution to our predicament lies in building sustainability for our families, businesses, and economy. Financial skills are a great aid to resilience. Equipping individuals with basic financial skills could help them manage their own budgets and household economies. At the same time, empowering businesses with skills appropriate to them will make them more sustainable, more productive, and more resilient.

So how is AAT providing support at this time?

We give small businesses free advice on financial management through Informi.co.uk – the web platform we fund as part of our charitable activity.

For those ready to take more formal steps, we deliver a variety of short courses and e-learning, which could be used to upskill anyone to a basic level, and or be used as a pathway to our full accounting qualifications and a career in finance. Then – most importantly – there is the support you, our members, provide to your employers and clients.

For their part, employers also need to think about supporting skills.

Many will be unable to offer a hefty pay rise to counter double-digit inflation. Instead, they will need to go to another level in terms of looking after their staff. Part of this should be investing in their skillset. 

I am not arguing that simply doing more training is the answer to the cost-of-living crisis. But it is a part of the puzzle. Give staff appropriate support and they will feel they are taken seriously. The business will not only stand a better chance of retaining them but benefit from an enhanced skill base, which in turn contributes to the UK’s competitiveness. 

Meanwhile, at AAT, we know our members, licensed practices, and students are feeling the squeeze from the financial pressures. That’s why I’ve asked our teams to look at all ways we can help on your behalf.

Our actions will range from using our influential voice to campaign for macro-economic benefits we know would benefit our members, to obtaining funding through the education sector and looking at our offer to ensure it gives the greatest value. As with all organisations, some decisions were already in train. But be assured, we will look at everything we can do to support our entire community through this challenging time.  

Sarah Beale is AAT Chief Executive.