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Chancellor Rishi Sunak has announced the funding for flood defences in the UK is set to double to £5.2 billion in this week's Budget.

As he prepares to deliver his first Budget this week, Mr Sunak said that the investment will help to build 2,000 new flood and coastal defence schemes.

He also said the money would be used to better protect 336,000 properties in England over the next six years.

The pledge comes as continues to recover from the damage inflicted by three storms last month, the wettest February on record.

UK flooding in February and March 2020 - In pictures 29 show all UK flooding in February and March 2020 - In pictures 1/29 Floodwater in East Cowick, Yorkshire. A total of 82 flood warnings are still in place for England, Wales and Scotland after the effects of Storm Jorge over the weekend PA 2/29 Swans gather on flooded riverside streets, following Storm Jorge, in Worcester, Reuters 3/29 Flood water covers train track as at a railway crossing in Snaith, northern England AFP via Getty Images 4/29 Flood water surrounds houses and properties in Snaith, northern England AFP via Getty Images 5/29 A flooded house in the town of Snaith, East Yorkshire PA 6/29 Floodwater engulfs a van in Snaith, Yorkshire. A total of 82 flood warnings are still in place for England, Wales and Scotland after the effects of Storm Jorge over the weekend PA 7/29 Silt and flood water covers railway train tracks in Snaith, northern England AFP via Getty Images 8/29 A woman steps over sandbags put out to defend a home from flooding in East Cowick, Yorkshire. A total of 82 flood warnings are still in place for England, Wales and Scotland after the effects of Storm Jorge over the weekend PA 9/29 Flood water surrounds houses and properties in Snaith, northern England AFP via Getty Images 10/29 Emergency services remain in the towns of Snaith and East Cowick after more than 60 homes were evacuated. PA 11/29 In East Yorkshire, residents were being evacuated from the village of East Cowick after the River Aire broke its banks. East Riding of Yorkshire Council said in a statement its staff along with teams from the Coastguard and Humberside Fire & Rescue were going PA 12/29 Flooding from the swollen River Aire continues to cause damage in East Yorkshire. PA 13/29 In East Yorkshire, residents were being evacuated from the village of East Cowick after the River Aire broke its banks. East Riding of Yorkshire Council said in a statement its staff along with teams from the Coastguard and Humberside Fire & Rescue were going PA 14/29 Barry Lamb stands on a garage as his son (not pictured) tries to save belongings from his home as flooding affects homes and businesses after the River Aire bursts its banks. Getty Images 15/29 Garden sheds float in flood water as flooding affects homes and businesses after the River Aire bursts its banks on February 29, 2020 in Snaith, United Kingdom. Flooding from the swollen River Aire continues to cause damage in East Yorkshire. Getty Images 16/29 A flooded living room in the village of East Cowick, Yorkshire, after Storm Jorge battered the UK PA 17/29 Flood damage seen inside the home of Barry Lamb as flooding affects homes and businesses after the River Aire bursts its banks on March 01, 2020 in East Cowick, England. Getty Images 18/29 Properties have been flooded in part of the county, with residents warned that disruption could last for days. PA 19/29 Houses are surrounded by water in the flooded village of East Cowick PA 20/29 A man rescues children's bicycles from his property as flooding affects homes and businesses after the River Aire bursts its banks Getty Images 21/29 Rescue workers in the flooded village of East Cowick, Yorkshire, PA 22/29 Flood damage seen inside the home of Barry Lamb Getty Images 23/29 Steve Lamb inspects the damage inside his father's home Getty Images 24/29 Rescue workers wade through water in the flooded village of East Cowick PA 25/29 Rescue workers wade through water in the village of East Cowick, Yorkshire, after Storm Jorge battered the UK PA 26/29 Flooding affects homes and businesses after the River Aire bursts its banks Getty Images 27/29 A man in the flooded village of East Cowick, Yorkshire, PA 28/29 The level of the River Ouse rises in York, North Yorkshire on February 15, 2020 AFP via Getty Images 29/29 A flooded kitchen in the village of East Cowick, Yorkshire PA 1/29 Floodwater in East Cowick, Yorkshire. A total of 82 flood warnings are still in place for England, Wales and Scotland after the effects of Storm Jorge over the weekend PA 2/29 Swans gather on flooded riverside streets, following Storm Jorge, in Worcester, Reuters 3/29 Flood water covers train track as at a railway crossing in Snaith, northern England AFP via Getty Images 4/29 Flood water surrounds houses and properties in Snaith, northern England AFP via Getty Images 5/29 A flooded house in the town of Snaith, East Yorkshire PA 6/29 Floodwater engulfs a van in Snaith, Yorkshire. A total of 82 flood warnings are still in place for England, Wales and Scotland after the effects of Storm Jorge over the weekend PA 7/29 Silt and flood water covers railway train tracks in Snaith, northern England AFP via Getty Images 8/29 A woman steps over sandbags put out to defend a home from flooding in East Cowick, Yorkshire. A total of 82 flood warnings are still in place for England, Wales and Scotland after the effects of Storm Jorge over the weekend PA 9/29 Flood water surrounds houses and properties in Snaith, northern England AFP via Getty Images 10/29 Emergency services remain in the towns of Snaith and East Cowick after more than 60 homes were evacuated. PA 11/29 In East Yorkshire, residents were being evacuated from the village of East Cowick after the River Aire broke its banks. East Riding of Yorkshire Council said in a statement its staff along with teams from the Coastguard and Humberside Fire & Rescue were going PA 12/29 Flooding from the swollen River Aire continues to cause damage in East Yorkshire. PA 13/29 In East Yorkshire, residents were being evacuated from the village of East Cowick after the River Aire broke its banks. East Riding of Yorkshire Council said in a statement its staff along with teams from the Coastguard and Humberside Fire & Rescue were going PA 14/29 Barry Lamb stands on a garage as his son (not pictured) tries to save belongings from his home as flooding affects homes and businesses after the River Aire bursts its banks. Getty Images 15/29 Garden sheds float in flood water as flooding affects homes and businesses after the River Aire bursts its banks on February 29, 2020 in Snaith, United Kingdom. Flooding from the swollen River Aire continues to cause damage in East Yorkshire. Getty Images 16/29 A flooded living room in the village of East Cowick, Yorkshire, after Storm Jorge battered the UK PA 17/29 Flood damage seen inside the home of Barry Lamb as flooding affects homes and businesses after the River Aire bursts its banks on March 01, 2020 in East Cowick, England. Getty Images 18/29 Properties have been flooded in part of the county, with residents warned that disruption could last for days. PA 19/29 Houses are surrounded by water in the flooded village of East Cowick PA 20/29 A man rescues children's bicycles from his property as flooding affects homes and businesses after the River Aire bursts its banks Getty Images 21/29 Rescue workers in the flooded village of East Cowick, Yorkshire, PA 22/29 Flood damage seen inside the home of Barry Lamb Getty Images 23/29 Steve Lamb inspects the damage inside his father's home Getty Images 24/29 Rescue workers wade through water in the flooded village of East Cowick PA 25/29 Rescue workers wade through water in the village of East Cowick, Yorkshire, after Storm Jorge battered the UK PA 26/29 Flooding affects homes and businesses after the River Aire bursts its banks Getty Images 27/29 A man in the flooded village of East Cowick, Yorkshire, PA 28/29 The level of the River Ouse rises in York, North Yorkshire on February 15, 2020 AFP via Getty Images 29/29 A flooded kitchen in the village of East Cowick, Yorkshire PA

On Saturday, estimates by the Association of British Insurers put the cost of the damage from storms Dennis and Ciara at £360 million, around £214 million of which will go towards flood claims.

Speaking on Sky News, Mr Sunak said communities in Britain have been “hit hard” by severe flooding this winter, saying it is “right that we invest to protect towns, families, and homes across the UK”.

He said: "We are ambitious when it comes to investing in our country's infrastructure and flooding is a part of that.

"[Funding] will go up to just over £5 billion, it's going to pay for around 2,000 different flood schemes around the country, going to protect over 3,000 homes."

He added: "We've all either in our constituencies as MPs or seen on TV the devastated reaped on communities by flooding, this will make an enormous difference to people's lives.

"It's absolutely the right thing to do, it's something that wherever you live, this investment will make a huge difference."

The funding – which doubles the £2.6 billion spent on flood defences between 2015 and 2021 – is expected to be targeted in every region, and will be available from next April.

In the Budget on Wednesday, Mr Sunak is also expected to announce:

A £643 million package of investment to help rough sleepers off the streets and support them get their lives back on track.

Up to £100 million more per year will go towards the fight against ‘dirty money’, with a new levy on firms regulated for anti-money laundering.

Millions more for state-of-the-art football pitches in hard-hit communities.

It comes as the Chancellor also said he is ready to take "targeted measures" to help businesses get through the coronavirus outbreak.

He suggested his financial plan would now focus on the “economic security” of the country, as he warned that the economy could suffer a “supply shock” if lots of people fall ill.

Mr Sunak, who has been in office for less than a month, said he was “not daunted” by the challenge of protecting the UK’s finances in the event of a major Covid-19 outbreak.

Instead, he told the Sunday Telegraph, the country is “well prepared” and would “emerge on the other side stronger”.

Outlining his plan to help businesses cope with the virus, the MP for Richmond (Yorkshire) said: “You have to look at the nature of what the economic impact might be, so that we can design an appropriate response.

“The main issue is lots of people might be ill, and therefore not be able to be at work. And that impacts the productive capacity of your economy if you’ve got a manufacturing plant and they can’t make their widgets.”