Government announces £500m low carbon vehicle funding

As part of a larger policy announcement by the Department for Transport, Transport Secretary Patrick McLoughlin has announced that the Office for Low Emission Vehicles (OLEV) will receive £500 million of new funding.The support runs to 2020, advancing ultra-low emission vehicle (ULEV) technology as well as encouraging thier uptake and use. The announcement was made in a Written Ministerial Statement outlining government’s roads reform command paper Action for Roads, which provides further detail on roads investment following the Spending Round.Government states in the Action for Roads paper that its £500 million funding plan “constitutes one of the longest-term and most comprehensive packages of support for this sector anywhere in the world.” The paper also reiterates government’s intention to publish a long-term strategy for ULEVs later this year.Responding to the announcement, Mike Baunton, SMMT Interim Chief Executive said, “The announcement that government will support the development and uptake of ultra-low carbon vehicles through to at least 2020 is excellent news for the UK automotive industry and its position as a global leader for new technological development.“Government’s £500 million funding and longer-term commitment will provide industry and investors with much needed certainty to research, develop and manufacture the next generation of clean, fuel-efficient vehicles in the UK and, importantly, will boost consumer confidence helping to drive up the market for low emission vehicles.”Click through to view the full Action for Roads report.Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)

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