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Labor promises interest-free electric car loans for British drivers

Before we start, we should say that here at Regit we have no party affiliation. We will get stuck in Boris Johnson, Sadiq Kahn, and everyone in between, as long as it serves the good of the British motorist.

We also bring you news from all corners of the world that may affect the way you drive, the cars you buy and the decisions you make. Well that’s out of the way, here’s one from Labor … and let us know what you think in the comments below.

A Labor government would offer car drivers interest-free loans to make electric cars more affordable and spark a zero-emission revolution in the UK, said Shadow Business Secretary Ed Milliband. Why? To support the automotive industry, create jobs and minimize the traffic pollution that causes health problems. Mr. Milliband added that the loans would be available for:

  • Low to middle income drivers
  • both new and used electric vehicles.

The Labor Party is concerned that less affluent drivers are “pricing out” the zero-emissions market. Such cars tend to be more expensive than gasoline and diesel equivalents. On this basis, interest-free loans could make electric cars accessible to a wider segment of the population. Labor also teased a scrapping program. This would stimulate people financially to scrap older, more polluting cars.

Increase battery production

Mr Milliband also wants to increase the number of electric car batteries made in the UK. How? By “partially financing” the creation of three new giant factories by 2025. The factories would “support” the country’s “global market leadership for electric vehicles”, Labor stressed. They would also create jobs.

Labor promises interest-free loans for electric cars for British motorists image

More chargers for electric cars

Labor also pledged to accelerate the introduction of public chargers to the streets to make electric vehicle ownership easier. It also wants to ensure that car chargers are plentiful in every part of the country. Areas like Yorkshire, the Northwest and West Midlands are currently “left out”, it said.

Labor Shadow Business Secretary Ed Milliband summed up his proposals. He said, “By expanding the option to buy an electric car to those on lower incomes and accelerating the introduction of charging stations in regions that have been left out, we would ensure that everyone can benefit.” The proposals are “ambitious,” he claimed.

Expert welcomes suggestions

The Society of Automobile Manufacturers and Dealers supports the industry and the proposals. Mike Hawes, Chairman of the Board of Directors, said, ‘We have a world famous automotive industry. It’s not the biggest, but it stands for quality, premium and high technical excellence. We need to apply that to electrification, ”he added.

“To ensure that we maintain the existing scale, we need gigafactory,” he said. ‘We would support any mechanism that helps create the conditions for investment and attract investment to the UK. At the moment, we lack battery manufacturing and we need it to meet future trade deals. We need it to support the industry, ”said Mike Hawes.


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