Experts have praised Jeremy Hunt for unveiling hundreds of millions of pounds worth of funding for technology that will accelerate the UK's move towards zero emission vehicles.
Speaking in the Budget earlier today, the Chancellor confirmed that the electric vehicle industry would benefit from additional funding to further cement the UK's role as a world leader.
In addition to the freeze on fuel duty and over £100million in support for the North East of England, Hunt unveiled a huge funding boost to the technology sector.
Speaking in the Commons, he said: "We'll also allocate up to £120million more to the Green Industries Growth Accelerator (GIGA) to build supply chains for new technology, ranging from offshore wind to carbon capture and storage.
The zero emission vehicle sector will benefit from £270million in funding
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"By January of next year, as promised in the Autumn Statement, we'll also have a new faster connections process to the Grid up and running.
"Advanced Manufacturing has announced a further £270million of investment into innovative new automotive and aerospace R&D projects, building the UK's capabilities in zero emission vehicle and clean aviation technologies."
The move has been met with support from the industry, with many saying it will support the development of electric vehicles.
Jean-Marc Gales, Chief Executive of leading British zero-emission bus manufacturer Wrightbus, praised the move, saying it would have a huge impact on businesses.
He said: "We very much welcome the announcement of the increase in funding for the Green Industries Growth Accelerator (GIGA) to support low carbon manufacturing, along with the almost £73million in combined Government and industry investment for automotive R&D projects which will support the development of electric vehicle technology.
"We are developing our own technology all the time and work closely with Advanced Propulsion Centre UK as we seek to make our buses ever-more efficient.
"Investment leads to more highly-skilled jobs like the ones we are creating in Ballymena as we seek to significantly increase our workforce over the next three years."
The £73million in combined Government and industry investment will be supported by more than £36million of funding through Advanced Propulsion Centre UK (APC) competitions.
This includes four projects which are developing technologies for the next generation of battery electric vehicles, making them more efficient and competitive.
As part of the UK’s first-ever Battery Strategy, which was published last year, outlines plans to attract investment to the UK.
It also aims to achieve a “globally competitive battery supply chain by 2030”, with hopes that the battery sector alone could create 100,000 highly paid and skilled jobs.
Business and Trade Secretary Kemi Badenoch said: “Today’s announcement builds on the success of our Advanced Manufacturing plan announced last year, and will ensure we continue to grow the economy, help create jobs and secure the future of great British manufacturing.
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The boss of Wrightbus said the funding boost would make development more efficient
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“Our plan for the British economy is working – which is why firms like Airbus and BMW are continuing to bet on Britain.”