Britain's Osborne plans three billion sterling boost for affordable housing

LONDON Wed Jun 26, 2013 8:15am EDT

Britain's finance minister George Osborne speaks during the 'Lord Mayor's Dinner to the Bankers and Merchants of the City of London' at the Mansion House in London June 19, 2013. REUTERS/Oli Scarff/POOL

Britain's finance minister George Osborne speaks during the 'Lord Mayor's Dinner to the Bankers and Merchants of the City of London' at the Mansion House in London June 19, 2013.

Credit: Reuters/Oli Scarff/POOL

LONDON (Reuters) - Britain will invest an additional 3 billion pounds ($4.62 billion) in affordable housing in 2015, finance minister George Osborne said on Wednesday.

Rapid house price inflation over the past two decades has made it hard for young people to get on the housing ladder, and a lack of local authority homes has led to long waiting lists.

"We're committing over 3 billion pounds capital investment in affordable housing and we will extend the Troubled Families Program to reach 400,000 more vulnerable families who need extra support," Osborne said.

Osborne was addressing parliament on his plans for a round of government spending cuts of 11.5 billion pounds in the 2015/16 fiscal year.

(Editing by William Schomberg)

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