Statement in response to the Chancellor’s 2022 Autumn Statement

In response to the Chancellor’s 2022 Autumn Statement, Graeme Thompson, Chief Financial Officer at Belfast-based EV infrastructure company Weev said:

“The announcement by Chancellor Jeremy Hunt that the Benefit in Kind rate for electric vehicles (EVs) will continue at ultra-low levels compared to that for traditional vehicles beyond 2025 is hugely welcome.

“It provides much-needed clarity for those wishing to switch company cars or fleets to EV, and is a major boost towards helping businesses on the road to net-zero.

“The rate will remain at 2% until 2025, increasing by one percentage point in each of the following three years to 2028, compared to a maximum of 37% for Internal combustion engineered vehicles

“Increasingly, motorists and companies are waking up to the benefits of EV when considering investment in a new car or fleet, driven by the opportunity to reduce carbon emissions and significantly lower energy costs. It is welcome that the government is listening and supporting the transition to EV.”