🕒 Article read time: 2 minutes
Government scraps £950m EV rapid charging fund
The rapid charging fund (RCF) fund for installing high powered electric chargers near motorways has been shelved.
Announced by the previous government in 2020, it was announced on 13 June that the government will instead set aside a smaller sum mainly for on-street charging points.
The RCF has been mired in delays amid concerns it could unfairly benefit some motorway service companies. The Department for Transport said the RCF had never formally been included in budget plans, so the promise was unfunded and has now since been confirmed as formally dropped.
The Chancellor Rachel Reeves committed £400m over the next five years “to support the rollout of charging infrastructure” in this month’s spending review, after announcing £200m for charging in the autumn budget. However, it is understood much of the spending will support on-street charge points.
Logistics UK's Senior Policy Manager Stepheanie Haszczyn commented: “Although this announcement will be disappointing news to the logistics industry, it is positive to hear that the current government has committed £400m to the rollout of charging infrastructure.
"The dropped £950m was committed back in 2020 and was constantly delayed in its roll out. What the industry needs is for the new commitment from Labour to be rolled out efficiently and effectively.
"Logistics UK members will be some of the largest and most frequent users of public charging infrastructure and want to see the effective roll out of suitable charging infrastructure as quickly as possible.”
Published On: 10/07/2025 14:30:00
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News In Brief
Port of Tyne revenue up to £67million
The Port of Tyne has revealed an exceptional set of results for 2024, despite continuing economic uncertainty.
Revenue increased by 21% to £67million, EBITDA rose by 21% to £16.8 million - the highest in a decade - and profit before tax rose by 73% to £4.4 million. The strong business performance was underpinned by a strong development pipeline in 2024.
There were also significant increases in volumes across the organisation’s business units, including cargo handling, property, cruise and ferry, and offshore renewables.
Matt Beeton, CEO at the Port of Tyne, said: “Six years ago, the Port of Tyne set out its vision for the future and a strategy for change. Tyne 2050 continues to guide our modernisation agenda, supporting efforts to decarbonise, digitise and innovate across our business networks.
“This strong foundation allows us to keep investing for the future, enabling major projects like the proposed £923 million high-voltage cable production facility at the overhauled Tyne Renewables Terminal."
Logistics UK’s Senior Policy Manager Alexandra Herdman said: “The Port of Tyne’s 2024 results are not only impressive, they are a testament to its growing strategic importance to both the North East and the wider UK economy.
"A 21% rise in revenue and a decade-high EBITDA underscore how critical the port is in driving regional prosperity and supporting local jobs."
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