THE DAILY BRIEFING

FLOOD FUND

A new re-insurance fund for home owners in high flood risk areas launches today . The ‘Flood Re’ is backed by a £180m annual levy on UK home insurance providers and means the industry can call on more than £2bn of funds to cover flood dam - age in the UK.

BREXIT PLANS

More than a quarter of finance bosses of FTSE 350 firms are making contingency plans for their companies for a possible British exit of the EU . A sur - vey by accountancy firm Deloitte of 120 chief financial officers across Britain’s top-listed firms also found they rank the EU referendum as the biggest risk their businesses face, rating it at 54 out of 100.

BRANSON BONUS

Sir Richard Branson could be in line for up to £490m from the sale of his V irgin America airline. Alaska Air and fellow US airline JetBlue Airways are vying to buy the £1.4bn business. Branson owns about 30pc of Virgin America through his offshore investment company Virgin Group Holdings.

BAD AIM

More than 100 firms quit the Alternative Investment Market in a torrid year . Britain’s junior market saw 18pc more companies leave and a 55pc slump in businesses coming to market according to data from accountant UHY Hacker Y oung. It said 105 delisted and only 35 floated in the past year resulting in a net decrease of 70 firms from the exchange.

EXPORT DRIVE

Lloyds Banking Group unveiled a raft of initiatives aimed at encouraging thou - sands of businesses to start exporting. The lender is launching a new website to help businesses find opportunities across the globe. It will also provide specialist banking support and advise on the countries that customers are hop - ing to target through its network of export specialists across the UK.