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America One News
19 Dec 2024
#economy
GB News: Drivers demand scrapping of Insurance Premium Tax to lower EV costs - 'Short-term action is necessary'
A study reveals that 36% of UK drivers would consider switching to electric vehicles if the Insurance Premium Tax (IPT) were eliminated. Currently, the IPT stands at 12%, a rate that has doubled in the last decade, and experts are urging the government to reduce or scrap it to boost EV adoption.
Despite increasing interest in electric vehicles, barriers such as higher purchase prices and battery replacement costs remain significant concerns for many drivers. The Green Insurer's CEO argues that reducing IPT is a practical step to encourage the transition to zero-emission vehicles, emphasizing the need for immediate action to support environmental goals.