Marooned ; Pre-Budget 2007: Their Homes Are Now Ruined Shells but, Incredibly,

Summary

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CHANCELLOR Alistair Darling last week showed himself a worthy apprentice to Gordon Brown in the art of financial smoke and mirrors. Changes in inheritance tax and new attacks on those with assets overseas captured the headlines. But these masked rises in the form of higher council tax, a revamp of capital gains tax and a stealth raid on State pensions for middle earners. The average family will pay an extra Pounds 50 a week in tax over the next five years, according the Institute for Fiscal Studies. Over the next five pages, we look at the key personal finance elements behind Darling's pre-Budget speech.

Homeowners in flood-risk areas could become caught in the middle of a row between insurers and the Government, with the insurers threatening to tear up a deal that ensures there is cover against flooding for all homes - unless there is extra public spending on flood defences.

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Extract

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Marooned ; Pre-Budget 2007: Their Homes Are Now Ruined Shells but, Incredibly,

The Chancellor said last week that the Government would spend Pounds 650 million on improving defences next year, rising to Pounds 800 million in the year from April 2010.

But insurers say this falls far short of what is needed to protect homes from a repeat...

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