Rubbish! It has to be deeper all the way to its exit and that isn't likely to be possible in the UK. If you don't do it all the way down it just makes the water arrive downstream at a faster rate and causes a bigger flood there.
They could dredge the flood planes so they can flood easier and store more water, that would work for a bit. They did that a couple of miles away from me but its never flooded into the storage area in living memory (i.e. since it was done ~30 years ago).