AMIDST all the other business news over the last month, the Budget, Greece and the Eurozone, one particular piece of draft legislation caused me particular concern.

In 2013 we worked closely with City of York Council, local businesses the Association of British Insurers and other partners to hold the first ever National Flood Conference in York.

The message from business was clear, they needed help and legislation to guarantee Flood Insurance for their businesses. Yet on the 1st of July the Government laid down draft “Flood Re” (Flood re-insurance) regulations before Parliament that included domestic properties but excluded small firms.

This decision by ministers causes fresh uncertainty for the one in 10 (9 per cent) small businesses at risk of flooding. Many small firms are already finding it difficult to find flooding insurance with as many as 50,000 businesses potentially affected.

Three per cent of these small businesses currently say flood insurance is unaffordable. Without being included in Flood RE there is nothing in place to protect the smallest of businesses, which are the most vulnerable.

With potentially no provision through the open market, firms will now have nowhere to turn and so will be at risk. I am working closely with my Westminster’s colleagues asking Ministers to look again at the availability of affordable and comprehensive flood insurance for small businesses, potentially through a dedicated Flood Re style agreement.

The financial cost to small businesses following the 2012 flooding was £200 million. We cannot hope to create a buoyant economy if vulnerable small businesses are not sufficiently protected from unpredictable and severe weather that in the worst cases can close a business.