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UK Chancellor Pledges £1.5bn to Bolster EV Market Amid Mileage Tax Concerns
UK Chancellor Pledges £1.5bn to Bolster EV Market Amid Mileage Tax Concerns
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BTCCSquare news:
Chancellor Rachel Reeves has committed £1.5 billion to support the electric vehicle sector, including £1.3 billion in subsidies for new EVs and £200 million for charging infrastructure. The MOVE aims to stabilize the market as concerns grow over a proposed 3p-per-mile tax.
The subsidies, detailed in next week's budget, will remain available until 2030. Industry experts welcome the funding but warn the mileage tax could dampen consumer enthusiasm for electric vehicles.
Government officials emphasize the package will reduce upfront costs, accelerate charging point deployment, and create jobs while supporting the transition to greener transportation options.
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