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U.K. to Set Up $2.9 Billion Fund to Boost New Home Building

Roof tiles cover the porches of newly constructed residential homes in Orpington, U.K.
Photographer: Chris Ratcliffe/Bloomberg

The U.K. is setting up a 2.3 billion pound ($2.9 billion) housing infrastructure fund as it seeks to slow home-price rises.

The fund will develop infrastructure to help support the construction of 100,000 homes by 2021, Chancellor of the Exchequer Philip Hammond said in the Autumn Statement on Wednesday. An additional 1.4 billion pounds will be spent to help deliver 40,000 affordable homes, Hammond said.