Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2024 02 06T000236Z 1 LYNXMPEK15002 RTROPTP 4 AUTOS ELECTRIC BRITAIN - Business Express

UK House of Lords report urges EV subsidies, faster charger rollout

By Nick Carey and Sachin Ravikumar

LONDON (Reuters) – The UK government should take urgent action to encourage people to switch to electric vehicles, from targeted subsidies to speeding up new charging infrastructure, said a report from Britain’s upper house of parliament released on Tuesday.

The House of Lords report, entitled “EV strategy: rapid recharge needed,” which follows an inquiry into Britain’s electric vehicle transition strategy, also calls on the government to clearly communicate to the general public why they should buy EVs.

“They have got to do what politicians don’t like to do, which is get into the space of talking to people about how they live their lives and how they’re going to support them to do it,” Baroness Kathryn Parminter, who chaired the inquiry, said in an interview. “That is the gaping hole and that is where the government’s got to put its foot on the gas.”

The Lords report calls for targeted incentives to make EVs more accessible for lower-income car owners. It also says the government should “turbo-charge” the building of new charging infrastructure, including by reviewing “outdated and disproportionate planning regulations which are a major block to the rollout.”

A lack of charging infrastructure has been a significant obstacle to broader mass adoption of electric cars.

The report comes as Britain sold its one-millionth fully-electric vehicle in January. But while overall EV sales have risen, industry group the Society of Motor Manufacturers and Traders (SMMT) warned that falling demand from private buyers meant the UK government should take action to subsidize sales.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

A spokesperson for the UK transport ministry said a decade of government grants and incentives had led to more than 1 million EVs on British roads.

“The government is targeting its investment where it will have the most impact, to ensure value for money for the taxpayer,” the spokesperson said.

Last September, British Prime Minister Rishi Sunak announced a delay to the country’s ban on fossil-fuel cars to 2035 from 2030, citing the “unacceptable costs” to British households.


(Reporting by Nick Carey and Sachin Ravikumar, Editing by Rosalba O’Brien)


Recent Post: