Cost of UK floods tops £5bn, with thousands facing financial ruin

Leading accountant says many victims have inadequate or non-existent insurance, as PM faces growing anger over north-south 'funding gap'

The cost of the UK's winter floods will top 5bn and thousands of families and businesses will face financial ruin because they have inadequate or non-existent insurance, a leading accountant has warned, as the government defended its record on flood defences.

The prime minister faced growing anger from politicians in the north of England who accused the government of creating "a north-south gap" in financial support for flood-prevention schemes.