“The people of Teesside, Darlington and Hartlepool can welcome this investigation, which sets out in black and white that there is no corruption or illegality at Teesworks.

“The investigation was thorough, wide-ranging, and detailed. It assessed more than 1,400 documents, tens of thousands of pages of material and conducted 45 interviews and I’d like to thank the panel for their hard work and diligence.

“I welcome the recommendations of the panel and my team and I are already working to review the recommendations to improve our processes and procedures in line with the report’s findings.

“It explicitly recognises that the Teesworks Joint Venture was ‘critical’ in reaching an agreement with the Thai banks and resolving the CPO, and that without them the progress we have seen would not have been possible. Without this partnership, the former steelworks would still be sat idle, costing the taxpayer £20m a year to stand still, with no investment and not a single job in sight.

“It also dispels the myth that we sold the land for just £1, with the panel confirming the deal was actually worth £39m to the taxpayer.

“Let’s be absolutely clear, Andy McDonald MP lied in Parliament in an attempt to sabotage the opportunities we’ve worked to hard to deliver, which has caused significant damage to investment, me personally, my organisation, and most importantly Teesside, and the opportunities of hard-working local people.

“However, we are now in a position where a huge demolition programme has been completed, construction is underway on major projects and we are building a new future in industries such as steel, green energy and carbon capture.

“I will continue to focus all of my efforts on delivering investment, creating jobs for local people and creating opportunities for our community – and I’ll continue to build on the 9,000 jobs that we’ve already created to keep moving forward with transforming our region for generations to come.”