Originally written by Timothy Adler on Small Business
Labour will introduce 2.5 million interest-free loans to help small businesses, sole traders and low-income households to buy electric cars.
Speaking on the BBC Today programme, shadow chancellor John McDonnell said the loans of up to £35,000 would cover the £1,500 cost of interest on a loan, with individuals saving up to £5,000 over time.
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.
“So this is beneficial in terms of the climate, it is beneficial for those people who want to convert their carbon-fuel powered car into an electric vehicle that is sustainable.
“At same time it will help support the automotive industry and create jobs. Those jobs are in areas where we have had real issues, particularly with Brexit.”
The interest-free loans will require participation in a mass trial of Vehicle-2-Grid technology that will allow the UK to transition to renewable energy.
This new technology will allow electric cars to store excess energy from the national grid, smoothing energy supply from renewable sources.
Today, shadow business secretary Rebecca Long Bailey will announce at the Labour Party conference in Brighton that, if elected, it will build a national network of electric vehicle charging point at