This year we have seen the idea of freeports in the UK jump from the pages of academic theory to become a reality, the result of a locally-led revolution in economic and trade policy.

When the chancellor made his Budget speech, like almost every other local leader in the country I listened intently for good news for my area. As far as Budgets go, it was a great one for a number of key regions in need of levelling up, including the Tees Valley.