A parliamentary report published today has instructed the government to direct the National Audit Office (NAO) to “scrutinise the expenditure of public funds” associated with the Teesworks regeneration project.
The House of Commons Business and Trade Committee’s report on the performance of investment zones and freeports in England comes after hearing evidence from experts on the tax incentive schemes since June last year. While assessing the benefits and governance of investment zones and freeports in England, the report pays special attention to Teesside’s freeport where the regeneration of the former Redcar steelworks, known as Teesworks, is currently taking place.
That review found “no evidence of illegality”, but made 28 recommendations for improvements in governance and transparency, stating it was not possible to presently assess whether or not value for money had been achieved on the project. Over £500m of taxpayers’ money has been spent, with Messrs Musgrave and Corney extracting at least £120m via dividends and other payments without investing any of their own capital.
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