MP Craig Tracey questions government over IPT flood spending

flooding

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

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: