The government has set out a long-term funding settlement for flood defences, rising to £370m and protected until 2020/21.
The funding amounts to £2.3bn in total, representing an annual increase of 18 per cent compared with the earlier spending review period.
The pipeline was announced by chief secretary to the Treasury Danny Alexander today, in an infrastructure announcement building on chancellor George Osborne’s spending review speech.
Funding will go towards projects across England, delivering improved protection to at least 300,000 homes by the end of next parliament.
The government said moving to a long-term funding settlement could potentially unlock further savings by allowing the Environment Agency, its partners and the supply chain to plan more effectively.