Questions the minister about why the report was only released today, citing transparency issues highlighted in the review. Asks if the situation will be referred to the National Audit Office for further investigation, assures that no one was prevented from providing evidence due to non-disclosure agreements, and challenges the value of money spent on the project.

I am pleased that the report has been published today and thank the Minister for his statement. Teesworks is critical for my constituents and the whole of Teesside, and the report confirms that for every £1 of public money that has been invested, the taxpayer will receive £9.50 back, and that is on the basis that only 17% of the site has been developed.

Will the Minister join me in congratulating Mayor Houchen’s partners, Musgrave and Corney, for pulling off the business coup of the 21st century? Without spending a penny, they secretly acquired 90% of the shares in Teesworks, which has had hundreds of millions of pounds of taxpayers’ money invested in it. They have done multi-million-pound deals to lease it to others, including the combined authority, have made over £100 million in profit in just one year, and have secured control of the business development at Teesside airport when no one else got a look in.

I thank the Minister for his statement, which will give my constituents the reassurance they need that Tees Valley Mayor Ben Houchen is doing things by the book and for the benefit of our region. The uncertainty and suspicion raised has been damaging to our region’s reputation and to investment prospects.

Over the weekend, when the right hon. Member for Middlesbrough South and East Cleveland and I appeared on local media programme ‘Politics North’, it became obvious that Members on the Government Benches had an insight into the publication date and contents of the report which Opposition Members did not.

The hon. Member for Middlesbrough clearly made comments that were not just wrong, but extraordinarily emotive designed to undermine confidence in the tremendous investment work done by Conservative Tees Valley Mayor, Ben Houchen. Does the Minister think Labour actually understands business?

The report was published in November 23—published nearly February 24. Can the Minister explain the delay?

I wish to inform you Madam Deputy Speaker that I informed the hon. Member for Middlesbrough (Andy McDonald) that I would be raising this matter, and we had an interesting exchange of text messages.

The report says: ‘We did not see sufficient information provided to Board to allow them to provide effective challenge and undertake the level of due diligence expected of a commercial Board’?

May I pass on my best wishes for a speedy recovery to the good and hon. Member for Middlesbrough, and commend his bravery in raising this issue? Clearly, the Minister does not like use of the C-word, but he will be telling us next that the personal protective equipment contracts represented good value for money and that no dubious practice was involved in the awarding of those contracts—stretch the truth thin enough and people start to see through it. I want to ask about value for money and scrap. Apparently, there are 500,000 tonnes of scrap metal on the site. Sales have so far raised £90 million, with £45 million going straight to private developers Musgrave and Corney, without any risk or investment themselves. How on earth does that represent good value for money? Will the Minister or the Secretary of State instruct the National Audit Office to begin a full value for money investigation into the goings-on at the Teesworks site?

I am glad to hear that nothing illegal has happened, but sometimes in this world it is what is legal that really shocks us. Like me, the Minister probably remembers that when the Secretary of State for Levelling Up, Housing and Communities came before the Business and Trade Committee, he said that this freeport was a flagship for the policy. Yet paragraph 1.7 of the report concludes: “a number of decisions taken by the bodies involved do not meet the standards expected when managing public funds.” The firm was allowed to buy 100 acres of land at £1 an acre; it was given rights to sell scrap metal of £50 million; it then went on to sell the lease it had for, I think, about £93 million; and it has booked £124 million of profit in the course of two years. Surely there are lessons to be drawn about how we absolutely maximise value for money in what is still a novel and important policy. It is for that reason that it would benefit all of us in this House if the NAO was allowed to get to the bottom of the question of how we ensure that profits like these are not just extracted from the taxpayer.

The Minister talks about this being a complex project, but I am not quite sure exactly how complex it is. As I see it, Teesworks reported a turnover of £143 million, on which it made a £50 million profit—a 35% return. The only similar return I have seen recently was Baroness Mone’s, for her personal protective equipment. Given the scale of what I think is a scandal and many view as a scandal, the public expect the NAO to undertake an independent report. I admire the Minister’s conviction, but will he not support an independent NAO report to corroborate and validate his own?

I am choosing my words carefully. For past similar projects we have had NAO investigations after the event. Many of us have been disappointed by our own decision-making process of not producing reports soon enough. The issue here is that there are potential allegations of excess profits, so would it not be better to have the NAO vet the project with regard to excess profits at this stage, rather than run the risk of trying to learn lessons after the event?

The report into the Teesworks joint venture highlights gaps in the oversight and accountability of mayoral development corporations and such joint ventures. Given that the mechanisms of mayoral development corporations are being rolled out across England, will the Minister say what thoughts he and his Department have given to greater scrutiny and probity not just of the work of metro mayors, but in particular of the work of mayoral development corporations?