Markets

Britain to improve electric vehicles market

Think tank IPPR says that Britain must enhance its domestic market for electric vehicles,  or it will risk missing out on job opportunities. According to a media report, Britain is now the fifth most competitive auto industry in the world.

On the other hand, the demand for electric vehicles (EVs) in the country has fallen behind the rest of the world, despite the fact that 30 newly  branded EVs were being scheduled for release by the year 2014. The low emission standards are covered by two third of the world economy including the US, China, Russia, Australia, Canada and South Korea. This is something Britain must capitalise on according to the IPPR.

The report by the IPPR added, ‘Leading the charge: Can Britain develop a global advantage in ultra-low emission vehicles?’ It also said that the EVs can also reduce motoring costs,  particularly for organizations which buy large EV fleets. The government was urged to spearhead this opportunity.

The leaders of the government were asked to support low emission vehicles with active industrial policies and to also create an advanced propulsion centre to encourage innovation. The report has also mentioned that the government must give powers to an British investment bank and said that the Funding for Lending scheme is not feasible.