Government spending on flood protection in England is fast approaching £1 billion a year. Yet homes and businesses, railways and roads, bridges and power infrastructure are increasingly being damaged or destroyed by devastating floods. Read more
This post first appeared on The Staggers, the New Statesman’s politics blog.
Economics is not called the dismal science for nothing. As we watch the shocking images of filthy water pouring into homes and distressed residents leaving in rubber dinghies, economists are already debating what this means for the next GDP figures. This highlights the shortcomings of GDP as a measure of economic progress, but looking at the wider economic impacts can help us deal with the challenges posed by the floods. Read more
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