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Budget 12: Osborne pledges to increase homebuilder fund

Chancellor George Osborne today confirmed the Government is to expand the Get Britiain Building fund which providing money for construction firms by £150m.

Giving his Budget speech today, Osborne said the fund would be expanded to provide extra finance to companies constructing new build homes.

Before the Budget, around £400m was earmarked for construction firms in order to help them build new homes.

Osborne said: “The New Buy scheme that we introduced last week uses the Government’s balance sheet to help those who cannot afford the larger deposits that some mortgage companies are now demanding.It comes alongside a new, reinvigorated right to buy.

“And to ensure that there are new homes to buy, we are today expanding the Get Britain Building fund that provides upfront finance to construction firms.”

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