£540 million investment in electric cars
The Chancellor has announced a new £400 million charging infrastructure fund in a bid to improve the UK’s electric car charging network and encourage the uptake of electric vehicles.
It comes as part of his autumn budget, announced earlier this week, which also includes an extra £100 million to go towards the plug-in car grant and £40 million in research and development of electric cars.
“There’s perhaps no technology as symbolic of the revolution gathering pace around us as driverless vehicles,” said Hammond.
“I know that Jeremy Clarkson doesn’t like them, but there are many other good reasons to pursue this technology – so today, we step up our support for it. Sorry Jeremy, but definitely not the first time you’ve been snubbed by Hammond and May.
“Our future vehicles will be driverless, but they’ll be electric first. And that’s a change that needs to come as soon as possible for our planet. So we’ll establish a new £400 million charging infrastructure fund, invest an extra £100 million in plug-in car grant and £40 million in charging R&D. And I can confirm today that we will clarify the law so that people who charge their own electric vehicles at work will not face a benefit-in-kind charge from next year.”
Electric vehicle charging firm Chargemaster has described the budget as “good news for the EV sector”.
“We welcome the continued incentives for electric car purchases through the Plug-in Car Grant,” said Chargemaster’s CEO, David Martell. “Of course, these incentives will not be needed indefinitely, and manufacturers predict that the cost of building an electric car will drop below the cost of producing a petrol or diesel car within the next five years. It is also worth pointing out that consumers can buy an electric car for as little as £5,000 in the used market.
“The £400m announced to support EV charging infrastructure is good news for charge point suppliers and operators such as Chargemaster, and we hope that some of this funding will be directed towards preparing network connections and reinforcing the electricity grid where required.”