The Woodsmith Mine is a project that has great potential not just for Whitby but for our economy here on Teesside.

Today’s news is clearly unwelcome but it will keep all options open as the company seeks to unlock the credit it needs.

The Government will always work to support businesses where there is a way to do so that meets the rules which exist to protect taxpayers’ money. We have seen that already this summer with British Steel.

Sadly in this case that was not possible. I know how hard the Government has worked to find a way forward. No stone has been left unturned.

Everyone in the Tees Valley will wish the project every success and hope it can overcome these challenges.