Britain Sets out 5 Billion-Pound Homebuilding Boost

Britain launched a 5 billion-pound ($6.5 billion) homebuilding stimulus package on Monday, including plans to borrow 2 billion pounds to help address a long-term housing shortage that has become a major economic problem.

The announcement comes on the second day of the ruling Conservative Party’s annual conference, which the government is using to set out how it wants to leave the European Union and tackle social divisions exposed by the June Brexit vote.

Appealing to voters who have been shut out of the housing market by years of rising prices and tight lending conditions, the government said it wanted to spend 2 billion pounds ($2.6 billion) to boost housebuilding by using surplus public land and helping new homebuilders into the market.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.