Finance and investment, News

Charging Infrastructure Investment Fund to help the deployment of needed infrastructure

The government is set to unveil £400 million worth of support for the roll out of electric car charge points in the Budget on Wednesday (22 November).

Phillip Hammond, chancellor of the Exchequer, is due to announce a £400 million Charging Infrastructure Investment Fund to improve access to finance for businesses deliver charge points across the country.

The fund is designed to help the deployment of the infrastructure needed to support the switch to cleaner cars and reduce pollution.

In addition, the government is investing an extra £100 million for plug-in car grants, to help subsidise the cost of buying a battery-electric vehicles to support consumers making the move to zero-emission transport.

The announcements of support for electric vehicles will be part of a wider £4 billion pot of funding, announced today (20 November), which will support the commercial development of new technologies.

It comes ahead of next Monday’s launch of the Industrial Strategy white paper, which identifies clean growth and the future of mobility as two of the four ‘Great Challenges’ facing the UK economy.

Earlier this year, the government announced a target to ban the sale of diesel and petrol engine cars and vans from 2040.

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