George Osborne announces £50m flood damage funds after Storm Desmond

Chancellor says homes and businesses affected by torrential rains and waterlogged streets will receive support via cash given to local authorities

George Osborne has announced a 50m repair and renew scheme for Cumbria and Lancashire in the wake of the floods, promising businesses and homeowners they will quickly receive the help that they need.

The chancellor made the announcement at prime minister's questions, where he was standing in for David Cameron who is travelling to Poland to continue his talks on European Union reform.