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My Right Honourable Friend, the Transport Secretary will set out more details of specific projects and priorities over the coming weeks.
Insurance Premium Tax (IPT) will increase from 10% to 12%. IPT is a tax on insurers and it is up to them whether and how to pass on costs to customers.
And we won’t be doing this alone. Through this project we hope to raise nearly $500 million from the private sector, including companies with a high dependency on water, as well as from national governments and development banks, so that together we can plan and construct water infrastructure for communities within SADC member states.
Environment Agency teams are continuing to work hard to reduce flood risk by putting up temporary barriers, operating flood gates and using pumps. Teams are out on the ground monitoring river levels, checking and maintaining flood defences and clearing blockages in watercourses.
I can confirm today that having consulted further, my Right Honourable Friend, the Communities Secretary will lower the transitional relief cap from 45% next year to 43%, and from 50% to 32% the year after.
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