As industry experts eagerly awaited Chancellor Rachel Reeves’ first Budget announcement, hopes were high for incentives to boost the sales of private electric cars. However, the reality was not as promising as many had hoped. With rising taxes across the board, the introduction of handouts for expensive electric vehicles seemed unlikely, despite the government’s ambitious EV sales target that does not align with current consumer demand.
In the absence of government support, car manufacturers have taken matters into their own hands, collectively investing around £2 billion this year to entice buyers towards electric cars.
While the Budget did not offer any new incentives for electric car buyers, it did mention the continuation of favorable company car tax rates, providing some relief for businesses looking to transition to electric fleets.
