The FTSE 100 rallied in early afternoon trading, as housebuilders were lifted by Chancellor George Osborne's commitment to double the housing budget to over £2bn per year.
Taylor Wympey was one of the biggest riser in the index, up 4.1% by 1.50pm to trade at 185p. Persimmon and Barratt Developments were also among the top risers, up 4.4% and 3.2%, respectively. The rises come after the Chancellor announced plans to build 400,000 affordable new homes by 2020, as well as a range of other measures to improve the housing situation in the UK. Osborne said: "First, I am doubling the housing budget. Yes, doubling it to over £2bn per year. We will deliver, with government help, 400,000 affordable new homes by the end of the decade. "And affordable means not...
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