A review into funding used for one of the biggest regeneration projects in Europe has found Government cash invested in the project has been 'used as intended'.
The National Audit Office (NAO) is the UK’s independent public spending watchdog and had access certain documentation, contracts and paperwork regarding Teesworks, its private sector partners and the wider structure.
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Following correspondence received earlier this year, the NAO carried out some enquiries into government funding for the redevelopment of the former SSI steelworks site.
As part of this work, they reviewed the memorandum of understanding, business case and quarterly monitoring reports relating to the Teesworks site redevelopment.
The NAO found the monitoring reports indicated that government funding had been used as intended and put the correspondent in touch with the relevant unit in BEIS, responsible for monitoring the project, should they wish to know more about the regeneration plans.
One senior civil servant from the Department for Business, Energy & Industrial Strategy commenting on the review said: “Teesworks is a great example of public and private sector partnerships that could be a model for other problematic sites across the country.”
Tees Valley Mayor Ben Houchen said “It has been two years since we launched Teesworks and I am enormously proud of the work we have done on the Teesworks site alongside our brilliant partners.
"The independent experts have reviewed the memorandum of understanding,business case,and quarterly monitoring reports at the Teesworks site, with the organisation coming out with flying colours.
“We know what we are doing is working, and it is brilliant that we have further vindication from the National Audit Office and the UK Government that Government money is being spent appropriately in line with the business case.
“This is a project of international importance as demonstrated by the investment we have already secured. This news is hugely positive and will act as a powerful signal to businesses around the world that we are a premium place to invest."
Kwasi Kwarteng, Business Secretary, said: “Working hand in hand with the Tees Valley Mayor Ben Houchen, I have been impressed by local efforts to breathe new life into the former Redcar steelworks site at breakneck speed.
“Two years ago, the government handed control of this vast site back to local people. Since then, the site has been designated Freeport status which has led to a flood of private investment, from SeAH Wind’s new £400million offshore wind factory, to the redevelopment of South Bank quay.
“I have the utmost confidence in the ongoing work by Mayor Ben Houchen, local leaders, and private sector partners to establish Teesside as a trailblazer in clean energy, carbon capture and home-grown hydrogen production.
"This site is a shining example of what we can achieve through effective partnerships between central government, Mayors and the private sector.”
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