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Europe Breaking News: Britain's Osborne Plans Three Billion Sterling Boost for Affordable Housing

Wochit 1:09 mins

British finance minister George Osborne said that Britain will invest an additional 3 billion pounds ($4.62 billion) in affordable housing in 2015. 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. Jens Weidmann, a top European Central Bank official is calling for a "strict and thorough" review of bank finances before the ECB takes over from national regulators as Europe's top financial supervisor. European Central Bank head Mario Draghi is defending the ECB's bond-buying program, saying it is more important now amid recent market uncertainty.

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