£55m investment in EV charging infrastructure

New initiatives aim to tackle lack of consumer enthusiasm for the EV switchover

- Chris Rosamond

AEX ON-street EV charging is getting a boost, thanks to an investment announced by Chancellor Rachel Reeves as part of the Government's package of growth measures for the UK economy revealed in a speech last week.

It comes as reports also emerge of a proposed scheme for cheaper Government-backed loans for EV buyers, with the UK scrambling to boost private uptake of electric cars in the face of consumer reluctance to embrace the new technology.

The Treasury has announced a £55 million investment in car charging firm Connected Kerb, via its National Wealth Fund (NWF), which is financed by taxation and Government borrowing. Its purchase of an equity stake means taxpayers will own what the NWF says is "a minority stake" in the business, which will use the funds to quadruple its number of on-street charge points to 40,000.