An electrified transport future needs decisions that deliver real power

BUDGET 2025: Fastned’s Tom Hurst welcomes much in Budget, but wants to see cost barriers removed

All support for the EV transition is welcome, and the overall direction is a positive one. Today’s Budget announcements on business rates relief for chargepoint operators are extremely positive and will give clarity and certainty to the industry’s investments going forward.

EV uptake is still developing and any measure that increases the perceived cost of driving electric risks slowing momentum, just as Fastned and other chargepoint operators are investing around £6bn upfront to build the public charging network the country will depend on.

These investments are made years ahead of demand, so confidence in future EV growth is essential. Setting out a clear direction for how EV taxation will evolve will help ensure drivers remain confident in switching and support the continued expansion of the UK’s charging infrastructure.

Measures to extend the Electric Car Grant and providing £200m for public charging are also positive signals. However other meaningful decisions have been delayed until next year which leaves a risk to continued rollout.

Standing charges remain high and 20% VAT on public charging continues to hold back momentum. Equalising VAT would unlock faster roll-out, stronger investment and a smoother path to EV adoption ensuring all drivers can access affordable, fair and simple charging, regardless of whether they have a driveway.

To unlock the crucial ultra-rapid charging infrastructure that can meet growing demand, the government must urgently tackle other cost barriers that undermine the business case for operators. If we want an electrified transport future, we need decisions that deliver real power.

Tom Hurst is UK country director at Fastned