Electric Vehicles (EVs)
The manifesto's two key pledges to bolster EV adoption focus on accelerating the rollout of public charge points and standardising critical EV information, such as battery state of health (SOH). The latter aligns with the EU's requirement for a unique battery passport by 2027. Addressing the uneven distribution of EV chargers across the UK, where London and Scotland lead with 234 and 103 chargers per 100,000 people (against a UK average of 96), the Labour government plans to release £950 million in charge-point funding to improve charging infrastructure nationwide. This move is expected to boost consumer confidence by reducing regional disparities in access to EV chargers. Recent data shows the West Midlands experienced the highest growth in chargers, while London added the most in absolute terms, and the North East saw a decline. With the government currently focusing on EV infrastructure and establishing the Great British Energy (GBE) and National Wealth Fund (NWF), we expect policies targeting EVs and private fleets to roll out next year. We are confident that the Labour government will follow through on many of its manifesto pledges. The establishment of Great British Energy and the National Wealth Fund underscores the government's commitment to a clean agenda. We await further clarity on policies from PM Sunak’s tenure, such as the £960 million Green Industries Growth Accelerator and the UK Battery Strategy. We are hopeful these initiatives will not only be retained but also potentially expanded or integrated into broader policies with larger pools of capital.
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