Finance
Britain to introduce $2 billion package to help switch to EVs
Published by Global Banking & Finance Review®
Posted on November 23, 2025
2 min readLast updated: January 20, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on November 23, 2025
2 min readLast updated: January 20, 2026
The UK government plans a $2 billion package to promote electric vehicles, including grants and chargepoint expansion, aiming for net-zero emissions by 2050.
LONDON (Reuters) -Britain's government is expected to introduce a 1.5 billion pound ($2 billion) package to accelerate a switch to electric vehicles, it said, including an extra 1.3 billion pounds for a grant scheme to buy new electric cars.
The government said that since its launch in July, the Electric Car Grant scheme had helped more than 35,000 drivers make the switch to an EV by cutting upfront costs by up to 3,750 pounds.
The budget, due on November 26, is also expected to unveil an additional 200 million pounds to accelerate the rollout of chargepoints across Britain, the government said.
As part of a wider goal of achieving net-zero greenhouse gas emissions by 2050, Britain wants to phase out sales of new petrol and diesel cars by 2030. But demand for EVs has stalled with consumers citing high upfront costs as the main barrier.
The opposition Conservative Party criticised the move.
"Ordinary families are facing increased taxes and spiralling inflation under Labour, yet the government's priority is handing out discounts on new electric cars," said Richard Holden, the Conservatives' transport policy chief.
"This is exactly the kind of tone-deaf, big-spending nonsense that we expect from this Labour government."
($1 = 0.7639 pounds)
(Reporting by Elizabeth PiperEditing by Mark Potter)
An electric vehicle (EV) is a type of vehicle that is powered by electricity instead of gasoline or diesel. EVs use electric motors and batteries to operate, offering a more sustainable alternative to traditional vehicles.
Chargepoints are stations where electric vehicles can be charged. They are essential for supporting the infrastructure needed for the widespread adoption of electric vehicles.
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