Rachel Reeves will extend the UK’s electric car grant for another year with an extra £1.3bn at next week’s Budget.
The grant has so far helped around 35,000 drivers move from traditional engines to electric by offering households up to £3,750, according to Government data.
The Chancellor will also announce around £200m extra to increase the rollout of charge points, taking the total electric vehicle package in the Budget to £1.5bn.
The move marks an attempt to bolster the EV car market. Even though UK sales are rising, they remain below official targets as the Government plans to phase out the sale of new petrol and diesel models by 2035.
The scheme will now be tripled in value with the extra £1.3bn and extended to 2029/30.
Rachel Reeves made a speech paving the way for income tax rises earlier this month, which she later rowed back on (Photo: Justin Tallis/Reuters)The Chancellor is also set to freeze train fares in the Budget, with some passengers expected to save up to £300 on season tickets. Peak returns for commuters and off-peak returns between major cities will be capped.
Sir Keir Starmer is entering Budget week under pressure to show the UK is an attractive venue for investors.
“I want the UK to be the best place to do business,” the Prime Minister told reporters in Johannesburg, where he was attending the G-20 summit. “I’m optimistic about the future and I want to create the conditions in which we enable business to generate wealth and do as well as humanly possible in the United Kingdom.”
Starmer will also announce on Sunday that Britain will aim to produce more of the raw materials used to make electric vehicles, smartphones and fridges, in an effort to reduce reliance on China and shore up the domestic supply chain.
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The UK will aim to produce 10 per cent of its raw material needs domestically and 20 per cent through recycling by 2035 under a strategy set to be announced on Sunday. Currently, the UK makes just 6 per cent of the minerals it needs domestically, according to government data.
Launching the strategy, Starmer said that “for too long, Britain has been dependent on a handful of overseas suppliers, leaving our economy and national security exposed to global shocks.”
The UK is particularly reliant on overseas imports of some critical materials for the production of electric vehicles, wind turbines and F-35 fighter jets. China dominates the production of a swathe of these minerals, from rare earth elements to lithium and nickel.
Starmer made the announcement in South Africa, where he is attending the G-20 summit.
Critical minerals – like lithium, nickel and copper – are also vital for items like smartphones and fridges that are essential for everyday life.
In the UK, demand for copper – used for electric plugs and car brakes – is set to almost double by 2035, while demand for lithium – used for powering laptops and electric cars – will increase by 1,100 per cent, according to government estimates.
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The government plans to produce at least 50,000 tonnes of lithium in the UK in the next decade and British businesses will be boosted by £50m to support critical minerals projects.
Britain has no currently commercial-scale lithium mines. Cornish Lithium, which has been pushing for the government to set a domestic production target, is aiming to produce 25,000 tonnes a year by 2030.
“That is why we are taking decisive action to change that, boosting domestic production, ramping up recycling, and backing British businesses with the investment they need to compete on the international stage and drive down the cost of living for people at home.”
The Government will also look at stockpiling minerals, as the European Union is doing.
In the US, the Pentagon has sought to procure up to $1bn worth of critical minerals for its defence stockpile in recent months. The UK government said on Sunday it will deploy £50m to support domestic minerals projects, which are capital intensive.
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