There were two items of good news regarding flood insurance and flood defences last week.
Firstly, Flood Re – the new government scheme for affordable flood insurance – progressed to the next stage in its parliamentary journey. Its ‘secondary legislation’ was laid before parliament, which marks the completion of negotiations with government. This means that, according to Post magazine, the legislative process can be completed after the election, while insurers can finalise the necessary work ‘so that extensive testing can begin’. All being well, it should become law in July.
Meanwhile, it was announced in last week’s budget that the government is bringing forward more than £140m of the £2.6bn six-year flood defence programme which was announced last December (we wrote about this at the time). Apparently 47 new schemes have been given the go-ahead, while work will start on another 165 projects earlier than previously announced.
So far we haven’t seen a repeat of the terrible flooding of 2013/2014 but it’s still early days…floods can happen at any time. So both of these announcements are very reassuring.