THE Conservative mayor of the Tees Valley is to take the area's struggling airport back into public ownership.

Mayor Ben Houchen is making the announcement this morning, although his Labour opponents launched a pre-emptive strike last night, saying a £40m purchase would be a “vanity project”.

Mr Houchen will say: “When people ask me: why do you want to buy this airport? What’s the point? Is it worth it? The answer is yes: it absolutely is.

“If it's good enough for the people of Manchester, Newcastle and Cardiff to take a public stake in their airport, so should we.”

Two years ago, Mr Houchen made effectively nationalising Durham Tees Valley Airport, which loses £2m a year, a key pledge which led to his surprise victory in the mayoral election. Earlier this year, he announced that he had entered a “non-disclosure agreement” with the current owners, Peel Holdings, and this morning is announcing the next stage.

He will say: “My vision for our area, and this airport, is so much bigger than just getting flights back to Majorca. It has always been much more than that.

“This airport is a key part of my plan to build a high-growth, high-wage economy that works in the interests of everyone.

“Regional airports are important catalysts to attract and retain economic growth. They enhance the performance of local industry, connect people, products and services to global opportunities, and drive tourism that helps our local communities to flourish.

“But the reality is, inward investment doesn’t come on a bus – it comes through an airport terminal.

“This became clear as day to me when I led the Tees Valley’s first trade mission to the Far East earlier this year. Each and every investor I met – from Mitsubishi and Fujifilm, to Samsung and Lucite – asked about our international connectivity.

“Where do we fly to, and how do people get here.

“The stakes are even higher when you factor in our vision for the South Tees Development Corporation site in Redcar. The single biggest regeneration opportunity in the UK.”