Budget 2016: £700m towards flood defence work

Budget 2016: £700m towards flood defence work

Chancellor George Osborne announced in the 2016 budget yesterday extra funding to improve the country’s flood defences, to the tune of £700m. The funding will be generated from a rise in insurance premium tax.

 

Osborne announced he is increasing the standard rate of IPT by half a percentage point to 10%, using the proceeds of this increase to bring forward over 1,000 flood defence schemes in the worst hit areas across the north of England and Scotland, including investing over £150m in Leeds, York, Calder Valley, Carlisle and wider Cumbria.

 

It is expected that the funding in these areas alone will help to protect approximately 7,400 properties.

 

The government will also invest up to £25m in flood defences in Carlisle once the Environment Agency has concluded a review of its needs, and will also provide funding to support the delivery of the final stages of the Leeds Flood Alleviation Scheme, subject to business case approval.


 

Please rate

Comments 

Name
Email
  Ctrl + Enter

Most Read

Costain to pave the way for UK’s first electric motorway

Costain to pave the way for UK’s first electric motorway

The consortium has proposed an ‘electric road system’, using the Siemens Mobility ‘eHighway’ technology, as the fastest, lowest carbon and most cost-effective route to decarbonising our road freight industry and delivering cleaner air.   It

UK employers struggle with worst labour shortage since 1997

UK employers struggle with worst labour shortage since 1997

  Britain’s employers are struggling with the worst staff shortages since the late 1990s, amid the rush to reopen from lockdown and a sharp drop in overseas workers due to Covid and Brexit.   Sounding the alarm over the risks to economic recovery from acute labour shortages,

7 companies appointed to Scottish Water’s wastewater portfolio

7 companies appointed to Scottish Water’s wastewater portfolio

Scottish Water forecasts to spend £1bn a year on thousands of miles of water pipes, sewer networks, treatment works and other assets to ensure they continue to play a vital role in the daily lives of five million people.   The programme of work will help to deliver net zero

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.