Visit led by Steve Fraser, Managing Director, United Utilities.
Water is a key resource that must be managed effectively if businesses and communities are to flourish now and in the longer-term. But, as we found in 2012 when a quarter of days were officially in drought and flooding occurred on one in every five days, we need to adapt to situations where we will have too little and too much.
Flooding in 2012 is estimated to have cost the UK economy up to £600 million with the impact on businesses in England around £200 million. Other indirect impacts – such as lost working days – hit companies and local economies by around £33 million and every affected business suffered an average of £60,000 in setbacks. Nearly two-thirds of UK businesses said they suffered supply chain problems because of the extreme conditions.
These statistics alone provide a compelling business case for action. With an estimated 175,000 businesses at risk of flooding in England and Wales, we believe more conversations need to take place about the risks and opportunities in managing flood risk.