Autumn Statement 2016: Chancellor Philip Hammond has announced that the new National Productivity Investment Fund (NPIF) will invest in ultra-low emission vehicles (ULEVs).
In his Autumn Statement speech, Hammond announced an investment of £390 million by 2020-21 in ULEVs, renewable fuels, and connected and autonomous vehicles (CAVs). This includes £80 million for ULEV charging infrastructure.
From today until the end of March 2019, the government will also offer 100% first-year allowances to employers investing in charge-points for electric vehicles, in addition to the tax incentives for ULEVs in company tax and salary sacrifice schemes.
Hammond said: “Reliable transport networks are essential to growth and productivity. So this Autumn Statement commits significant additional funding to help keep Britain moving now, and to invest in the transport networks and vehicles of the future.”