Treasury Select Committee

Treasury Select Committee
Committee	Treasury Select Committee
House	House of Commons
Chair	Mel Stride
Parties	Conservative Party (UK), Labour Party (UK), Liberal Democrats

Treasury Select Committee is a parliamentary committee in the House of Commons that scrutinizes the work of the HM Treasury and its associated public bodies, including the Bank of England and the Financial Conduct Authority. The committee's work is informed by experts such as Mervyn King, former Governor of the Bank of England, and George Osborne, former Chancellor of the Exchequer. The committee's inquiries often involve testimony from senior officials, including the Governor of the Bank of England and the Chief Executive of the Financial Conduct Authority, as well as external experts like Joseph Stiglitz and Nouriel Roubini.

Introduction

The Treasury Select Committee plays a crucial role in holding the HM Treasury to account for its policies and decisions, which have a significant impact on the UK economy and institutions like the London Stock Exchange and the City of London. The committee's work is closely followed by financial institutions, including Goldman Sachs, Barclays, and HSBC, as well as regulatory bodies like the Prudential Regulation Authority and the Financial Ombudsman Service. The committee's members, such as Nicky Morgan and John Mann, have a strong background in finance and economics, with connections to organizations like the Institute of Fiscal Studies and the National Institute of Economic and Social Research.

History

The Treasury Select Committee was established in 1979, with Sir Harold Wilson as the first chair, and has since become a key component of the House of Commons' scrutiny of the HM Treasury. The committee has undergone several changes over the years, including the addition of new members and the expansion of its remit to include oversight of the Bank of England and the Financial Services Authority, now known as the Financial Conduct Authority. The committee has also worked closely with other parliamentary committees, such as the Public Accounts Committee and the Business, Energy and Industrial Strategy Committee, to investigate issues like the 2008 financial crisis and the VAT carousel fraud.

Membership

The Treasury Select Committee consists of eleven members, who are appointed by the House of Commons and reflect the balance of parties in the House of Commons. The committee's members have a diverse range of backgrounds and expertise, including experience in finance, economics, and law, with connections to institutions like the London School of Economics, University of Cambridge, and University of Oxford. Current and former members of the committee include Rishi Sunak, Sajid Javid, and Yvette Cooper, who have all played important roles in shaping the committee's work and engaging with organizations like the International Monetary Fund, World Bank, and European Central Bank.

Powers_and_Procedures

The Treasury Select Committee has the power to conduct inquiries, gather evidence, and publish reports on matters related to the HM Treasury and its associated public bodies, including the Office for Budget Responsibility and the National Audit Office. The committee's procedures involve calling witnesses, including senior officials like the Chancellor of the Exchequer and the Governor of the Bank of England, as well as external experts like Paul Krugman and Joseph Stiglitz, to give evidence and answer questions. The committee also works closely with other parliamentary committees, such as the Public Administration and Constitutional Affairs Committee and the Environmental Audit Committee, to investigate issues like Brexit and the Sustainable Development Goals.

Notable_Inquiries

The Treasury Select Committee has conducted several notable inquiries in recent years, including investigations into the 2008 financial crisis, the VAT carousel fraud, and the Libor scandal, which involved testimony from senior officials like Mervyn King and George Osborne. The committee has also examined the impact of Brexit on the UK economy and the financial services sector, with input from experts like Mark Carney and Andrew Bailey. Other notable inquiries have focused on issues like tax avoidance and corporate governance, with evidence from organizations like the Institute of Chartered Accountants in England and Wales and the CBI.

Impact_and_Influence

The Treasury Select Committee has a significant impact on the development of policy and legislation related to the HM Treasury and its associated public bodies, including the Bank of England and the Financial Conduct Authority. The committee's reports and recommendations are closely followed by policymakers, including the Chancellor of the Exchequer and the Prime Minister, as well as financial institutions like Goldman Sachs and Barclays. The committee's work has also influenced the development of key policies, such as the Financial Services Act 2012 and the Banking Reform Act 2013, which were shaped by input from experts like Adair Turner and John Vickers. The committee's impact is also felt internationally, with its work informing the development of global financial standards and regulations, including those set by the G20 and the Financial Stability Board.

Category:Parliamentary committees of the United Kingdom