Labour promises 2.5 million interest-free loans for electric vehicles

The party says if it gets elected, it’ll offer loans to low income households

Labour says that it will offer 2.5 million interest-free loans to buyers of electric vehicles to accelerate the uptake of zero-emission vehicles if it is elected.

Shadow chancellor John McDonnell confirmed that the loans would be up to a value of £33,000 and be available to low income households, independent contractors and small businesses.

It says the government would cover £1,500 cost of interest and claims recipients would save up to £5,000 over the course of the loan.

However, acceptance into the scheme would require participants to take part on a mass trial of vehicle-to-grid technology, which sees electric cars used as energy storage devices that can be tapped into to take stress off the national grid.

McDonnell said:

“This will stimulate the automotive industry, it will sustain jobs in the conversion from fossil fuels to electric but actually it will create new jobs as well.”

Read more: Express and Star

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