Deeply committed'
In a statement, the Department for the Environment, Food and Rural Affairs (Defra) vigorously disagreed with the MPs' assessment.
"We are deeply committed to improving our natural environment. That is why we will be spending more than £3.2bn - compared to £2.7bn in the last parliament - on protecting the country from floods.
"We are also working to improve air and water quality; and to protect wildlife habitats both on land and at sea."
The MPs argued that there should be an overarching environmental strategy that would set out a strategic principle that would guide protection over the next five, 10 and 25 years.
To make this work they have proposed a new Office for Environmental Responsibility to advise on appropriate targets and monitor and publish performance against the strategy and its targets.
"I want the parties to use our report as both a wake-up call and a template for the measures that need to be put forward," said Ms Walley.
"Consistent action by successive governments will help ensure that the benefits of nature are available to future generations as much as they are to ours."