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Investing.com -- Shares of British homebuilders rose on Wednesday ahead of Chancellor Rachel Reeves’ upcoming Spending Review, in which she is expected to outline funding plans for all U.K. government departments over the coming years.
The government is expected to announce a £39 billion ($52.54 billion) program spanning 10 years to build lower-cost housing. This plan would nearly double the annual spending allocated for affordable homes.
Among the homebuilders listed on FTSE 100, Taylor Wimpey PLC (LON:TW) rose 1.4%, while Persimmon PLC (LON:PSN) increased 1.9%. Barratt Redrow PLC (LON:BTRW) shares climbed 1.8%.
Affordable housing specialist Vistry Group PLC (LON:VTYV) saw the most significant gains, jumping approximately over 9%.
Homebuilder Bellway PLC (LON:BWY) also participated in the sector-wide rise, adding about 2.7% to its share price.
The blue-chip index FTSE 100 rose 0.2%, while the British GBP/USD fell 0.1% against the dollar to below 1.35 ahead of the Spending Review.