The UK has introduced new rules to help boost autonomous and electric vehicle development.

Looking to keep pace with other industrialized nations, the UK announced over the weekend budgetary and regulatory changes that are aimed at boosting local development of autonomous and electric vehicles.

Announced by British finance minister Philip Hammond, the plan includes several key initiatives. One major component of the plan is changing the UK's regulatory structure to allow autonomous vehicles on the nation's public roads without a driver behind the wheel. Several countries, including the United States, already allow for driverless testing. Hammond is also pushing to have production autonomous vehicles on UK roads as soon as 2020.

The new budget also carves out a 400 million pound ($530 million) Charging Infrastructure Investment Fund that would make financing available to companies interested in creating electric vehicle charge points in the UK. In order to boost sales of electric vehicle, the budget calls for 100 million pounds in grants for people purchasing EVs.