In the Spring Budget of 2016 then chancellor George Osborne raised Insurance Premium Tax (IPT) by 0.5% committing that it would raise £700m to be spent on flood protection measures.
Yesterday (12 June) David Rutley, interim parliamentary under secretary of state for the environment revealed that the Department for Environment, Food and Rural Affairs (Defra) has been allocated £446.6m while the Department for Transport received £150.5m.
There was no clarification of the discrepancy to the £700m
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