Oxera was commissioned by the Department for Environment, Food and Rural Affairs (Defra) for a steering group consisting of the Treasury, the National Assembly for Wales, and the Environment Agency to review the arrangements for funding flood defence in England and Wales. The first study of its kind for over a decade, the project collated data from across government, evidence from interviews and published literature, and prepared new economic analysis from first principles. It contained a comprehensive description of existing flood defence funding and operational arrangements, and presents alternative funding arrangements together with a discussion of their pros and cons. The steering group said about the report: [we] were grateful to Oxera for the deep analysis which underpins their report. They explored a number of issues in depth and, owing to their comprehensive and informed study, the Steering Group's task in identifying and evaluating potential candidates for further funding options was facilitated. In addition, Oxera's findings and views on the current funding arrangements have provided useful material for the Group in producing its assessment of the existing institutional arrangements for flood and coastal defence in respect of both funding, strategic management and operations'. (Defra (2001), 'The Flood and Coastal Defence Funding Review: Report to Ministers by the Review Steering Group')