MPs have recommended that the National Audit Office (NAO) should investigate the finances of the controversial Teesworks regeneration project.
The cross-party Business and Trade Committee today urged the secretary of state for levelling up to direct the NAO to scrutinise spending associated with the regeneration scheme after an inquiry found there were ‘issues of governance and transparency.’
The call was made as part of the committee’s wider investigation into the transparency and governance of freeports and investment zones, both key parts of the Government’s levelling up agenda.
Published today, the committee’s report found that both projects suffer from fragmented decision making and need a single regional leader to improve accountability.
It also found that while the structures of scrutiny in mayoral combined authorities for freeports and investment zones were sound, they suffer from low attendance and engagement.
Committee chair Liam Byrne commented: ‘The long-term success of freeports and investment zones rests on long-term political backing, and crucially, trust and confidence in the governance. This can only be achieved by enhancing governance and transparency.’
