IT appears to make no sense. A lucrative project to build an oil and gas platform, creating 1,000 jobs here in the North-East, is lost to foreign shores despite the fact that it would have been far cheaper for the work to be carried out in the UK.

To make matters even more puzzling, the reason for the SeaDragon contract being pulled from Teesside was that Lloyds TSB – 43 per cent owned by British taxpayers – refused to continue its funding.

As a result, the much-needed investment and the jobs have been lost to Jurong, off Singapore, where the platform will cost at least £110m more to build.

There may be valid reasons behind this decision, but we are unable to enlighten our readers.

That is because neither Lloyds TSB nor the Government, which bailed out the bank, will provide any explanation.

In view of the huge amounts of our money being used to prop up the bank, how can the silent treatment be justified?

Surely we have a right to know why a bank, nearly half of which is owned by British taxpayers, pulled the plug on a British deal.

And surely we have a right to know why the British Government refused to intervene in securing a contract which would have provided this region with a huge economic boost.

If we had to lose out to Asia, the least we deserve is to be told why, so that lessons can be learned.

For four months, our questions have been met with a stony silence.

It is high time they were answered.