There has been a noticeable shift in the way in which flood risks are managed in England. This is being driven in part by European developments but also by changes in governance across diverse domains of public policy. A key characteristic is a move to transfer responsibility for the management of flood risk away from the central government and towards the local level. This paper aims to describe and evaluate the potential implications of this shift by focusing on three connected policy areas: flood defence, spatial planning, and emergency management. We draw on an analysis of policy documentation and expert interviews to map out current changes in governance. We then outline a number of potential scenarios for how these changes may play out in the future, emphasising that differences in resource availability and local motivation could result in new patterns of vulnerability and inequality.