An energy expert has warned that new savings accounts announced in the Spring Budget aimed at boosting the UK economy could miss out a key industry.

Marc Haley, co-founder of E-Merge Renewables, called out the lack of policies in the Budget to address the UK’s electric vehicles (EV) infrastructure.

The Chancellor set out plans for a British Savings Bond, to be offered through NS&I, and a British ISA, with savings in the two accounts to be invested in UK companies.

Mr Haley said: “he new British ISA aims to channel more investment into UK equities and encourage more people to invest in UK assets, which could potentially lead to further investment in increasing the take up of EV vehicles.

“However this will only further extenuate the potential issues being missed by the Government surrounding overall infrastructure and charging.

“EV vehicle sales have seen a steady uplift over the last five years, which we expect to continue as heavy incentives are available.

“However to effectively continue on the road to net zero, we must see investment in intelligent EV infrastructure technology flourish and face the connection time issues facing the industry.”

NS&I currently offers Green Savings Bonds, a 2.95 percent account fixed for three years, with the funds invested in green projects chosen by the Government.

Mr Haley said his company had not received any funds through the Bonds.

Asked what policies should have been included in the Budget to help the industry, he said: “We need to see policies that are focussed around the deployment of a robust EV infrastructure to power up renewables.

“Creating a more robust policy and unlocking funding that results in speeding up the connection time to the grid, is what renewable businesses need from this type of announcement.

“Last week it was announced that large, new projects making efforts to decarbonise the electricity grid in the UK are facing a 15-year waiting list to connect.

“This news follows an Ofgem announcement that hoped to speed up electricity grid connections last November. Unfortunately the industry still faces a back-log from its initial first-come, first-served system, which has led to a long queue of energy projects.”

The Government is running a consultation on how the British ISA will work, running until June, while the British Savings Bond is due to go on sale through NS&I next month.

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