Commercialy can i with hold rent because repairs have not been done.?

I have had 2 floods in one year, reported them to the council whom i rent off, nothing has been done about this matter at all, I have had damage to my stock, fittings & fixtures totalling more than �3000 for both floods, the insurers r not paying out,dening responsibly in one breathe then saying the council do not have enough money. I have been with holding my rent for 5 weeks now, where do i stand legally.