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Insurance industry leaders have welcomed the government’s commitment to flood defence investment in the Spending Review; but cautioned more needs to be done to protect UK homes and the economy.
Chancellor Rachel Reeves yesterday announced a 5% budget increase for flooding compared to the current review period, which ends in April 2026. This equates to an average of £1.4bn each year over the next three years.
Underfunding flood defence programmes could cost the government far more in the long run.
In February Flood Re had urged the government to spend at least £1bn a year to keep pace with changing climate risks. It also unveiled research showing flood defences prevent £1.15bn in flood
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