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Previsico supports Labour’s stance to spend £4bn on flood risk mitigation

Steve Reed Environment Secretary

The Labour Party, led by Sir Keir Starmer, has won the 4 July General Election. But what can we expect for the future of flood risk mitigation?  

Here at Previsico we are pleased to support Labour’s stance on UK flood risk mitigation. 

A few weeks ago, a team from Previsico met with Steve Reed, the then Shadow Secretary of Environment, Food and Rural Affairs, and Loughborough's Labour candidate, Dr Jeevan Sandher, now MP for Loughborough. 

According to Stephen Reed, the Conservative government had allocated £5bn for flood defences to be spent by 2027, but they have only spent £1bn of it to date, leaving a major flood risk mitigation opportunity gap. 

Jonathan Jackson, CEO of Previsico, said: “Naturally, we are grateful to our early high-profile stakeholders, including the Cabinet Office, Met Office, and Environment Agency, who facilitated the first pilots that led to our significant success with brokers, insurers, and corporates alike, in the UK and beyond. 

“Today, however, both residential and commercial properties in the UK are subject to increasing flood risk due to climate change, which is already affecting insurers’ risk appetite and making it increasingly challenging for them to provide affordable flood risk insurance. 

“Now, therefore is time for action, and Previsico welcomes confirmation that Labour will spend £4bn on measures to mitigate flooding, including building flood defences, digging out drainage systems and planting trees along riverbanks.”