Floods - Broon keeps his hands deep in his pockets
A snippet of realisation that I heard as a comment on the radio today. Private insurance companies will meet a £2bn repair bill for flood damage. Building repairs are all liable for VAT. The Treasury's tax-take from the insurance companies will be in the region of £350,000,000.
So, not too painful for Gordon to announce an additional £200m of government aid to go to flood defences, then. He'll still be £150m better off than if it hadn't rained at all.