I will not give way. I have given way on a number of occasions, and I want to make progress.
This reckless short-termism is set to cost the country more than the cuts were intended to save. The Pitt review commissioned by Labour after the 2007 floods made it clear that investment in flood protection needed to rise, and by time of the 2010-11 Budget set by Labour, funding had gone up from £500 million a year to £670.1 million, yet by 2011-12, in the first Budget set by the coalition Government, that had been cut to £573 million, which is a reduction of £97 million—a 17% real-terms cut.