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Britain to extend plan to boost new home-building until 2020: Finance Minister

Published on Mar 16, 2014 8:21 PM
 
Britain plans to extend a scheme to encourage house building and develop a new town close to London, Finance Minister George Osborne said on Sunday, March 16, 2014, ahead of a budget announcement this week that will stick closely to his austerity programme. -- FILE PHOTO: REUTERS

LONDON (REUTERS) - Britain plans to extend a scheme to encourage house building and develop a new town close to London, Finance Minister George Osborne said on Sunday, ahead of a budget announcement this week that will stick closely to his austerity programme.

The government will extend until 2020 its programme of providing equity loans to buyers of newly built homes, adding a further 6 billion pounds (S$12.6 billion) to the scheme.

"I want to extend the Help to Buy scheme for newly built houses," Mr Osborne told BBC television. "It was going to end in 2016. We are now going to extend it for the rest of the decade. That would mean 120,000 new homes."

Asked about his budget statement which is due on Wednesday, Mr Osborne stuck to his message that his economic policies were helping the recovery but he reiterated that further difficult decisions about fixing the public finances lay ahead.

 
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