Some communities in the north of England have been devastated by floods in recent days
The British Insurance Brokers’ Association (BIBA) has called on the major political parties to confirm they will keep to the UK Government’s spending pledge on flood defences post the election.
As the political parties continue on the general election campaign train, homes and businesses in the north of England are beginning the repair process following widespread flooding after heavy rainfall in the past week.
Large swathes of northern England begin the mopping up process after extensive flooding this week the UK’s broker association has called for a government commitment on flood defence spending
Biba has said it wants a pledge that the new government will honour the commitment to ring-fence money collected through insurance premium tax (IPT) for flood defence spending.
Graeme Trudgill, Executive Director of BIBA, said: “In 2016, the rate of IPT included on every home insurance policy increased from 9.5% to 10%, and Government said that this increase would be ring-fenced to pay for flood defence and resilience measures.
“With a whole host of spending commitments made by each of the major parties already in this election campaign, it is vital that this earmarked pot of money is not absorbed into general Government revenues and spent in other areas.
“The devastating effects of flooding upon both individuals and communities are clear, and our members help them recover and rebuild when the worst happens. Brokers tell us how important the protection afforded by flood defences is to their customers and to the wider economy.
“Defences save the UK around £1.1bn each year in flood prevention and aside from the considerable human importance defences offer, they represent excellent value for money.”
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