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Chair nominations for Treasury Committee

16 October 2019

Nominations for the Chair of the Treasury Committee are now closed. The ballot will be held on Wednesday 23 October from 10 am to 1.30 pm. On this page, you can find the list of nominees.

Mel Stride

 

Nominated by (own party)

Tom Tugendhat, Neil Parish, Robert Neill, Jackie Doyle-Price, Mr David Jones, Sarah Newton, Sir Robert Syms, Mr Andrew Mitchell, Kirstene Hair, Mrs Pauline Latham, Trudy Harrison, Graham Stuart, Jack Brereton, Margot James, Neil O'Brien

Nominated by (other parties)

Jonathan Reynolds, Kirsty Blackman, Ian Mearns, Conor McGinn, Karl Turner

Relevant interests declared

Founder and shareholder in Venture Marketing Group Ltd (publisher, organiser of exhibitions and conferences).

Statement

I took 3 finance bills and the customs bill through the House. I understand the Treasury – how it consults, reaches decisions and translates them into legislation and action. That knowledge will be invaluable in leading the TSC to hold the department and Government fully to account and without fear or favour. I would also reach out across the House in the open spirit with which I worked when I served as Leader of the House. I am proud to have received nominations for my candidacy from both Jonathan Reynolds of Labour’s shadow treasury team and Kirsty Blackman the SNP’s economic spokesperson. They know that I work in a fair and open-minded manner including with opposition parties.

The new Chair must hit the ground running. As well as scrutinising the recent spending round and coming budget the committee’s urgent focus must be Brexit. The committee must play a high profile role in further scrutinising both the likely results of a no deal and the recently negotiated agreement, along with the Government’s proposals for capitalising on the opportunities and minimising the risks. I supported remain, accept the referendum result and am realistic about the challenging consequences of a no deal. Select Committees have a powerful role in ensuring that conclusions are reached on the basis of a thorough examination of the evidence and I will ensure that when it comes to Brexit these issues are approached objectively. I have a particular insight into no-deal preparations around tariffs, customs and excise, having exercised strategic oversight of HMRC for 2 years and having served on cabinet committees tasked with preparedness. My keen interest in Northern Ireland, having served on the Northern Ireland Select Committee is known across the House.

I would also wish to continue to look at some of the vital issues that the committee has already considered so well such as regional imbalances in the UK economy, business rates (as someone who spent 20 years as an entrepreneur in the UK and the US I fully appreciate the importance of fair business taxation), fair banking and women in finance. My determination to address the high effective marginal tax rates still faced by those on Universal Credit (especially lower income families with children) is rooted in my commitment to social justice. The taxation of internet platform-based businesses where much more remains to be done also requires further prompt consideration. Another area to consider is the effectiveness of the £20 billion a year allocated to business tax reliefs which has been under scrutinised and is money that could work harder for businesses right across the UK. I would of course also be guided by the priorities of the other committee members and colleagues more generally.

The TSC is a vital committee. I believe that I can lead it so that colleagues from right across the House are heard and the committee works to its full potential during these challenging times.

Kevin Hollinrake

Nominated by (own party)

James Cartlidge, Mr Mark Prisk, Julian Knight, Maria Caulfield, Michael Tomlinson, Alan Mak, Royston Smith, Helen Whately, Mr William Wragg, Sir Roger Gale, David Warburton, Ross Thomson, Huw Merriman, Luke Graham, Bill Grant

Nominated by (other parties)

Mr Clive Betts, Norman Lamb, Jim Shannon, Tonia Antoniazzi, Dr Lisa Cameron

Relevant interests declared

Founder, Director and shareholder of Hunters Property plc. Third share in five properties in York. Smaller miscellaneous interests (see Register of Members Interests for fuller information). Hunters Property plc have submitted a claim in connection with a loan provided by Yorkshire Bank (CYBG) and my self-invested personal pension holds shares in a property which has borrowings provided by Promontoria (Cerberus). Co-Chair of the APPG on Fair Business Banking.

Statement

In my work as co-Chair of the APPG on Fair Business Banking I have a strong record of holding the Treasury, banks and the FCA to account without fear or favour. I would continue this approach as Chair of the TSC, and would bring to the committee:

  • A clear understanding of economics derived from 27 years building a business from start-up to an AIM-listed national network employing around 1,000 people
  • As co-Chair of the APPG Fair Business Banking since 2017, demonstrable progress in holding banks and financial institutions to account and developing compensation schemes
  • A balanced, non-partisan, robust, straight-talking approach 
  • Four years’ select committee experience (HCLG) since 2015.

I believe deeply that transparency and a level-playing field must underpin our economic system and we must create opportunities for all. As such, key focus areas would be:

  • Supporting a smooth exit from the EU and undertaking a robust, factual analysis of Government proposals
  • Levelling the playing field between consumers/SMEs and financial institutions
  • Rebalancing the economy with a greater share of investment to our regions and the devolution of powers
  • Tackling aggressive tax avoidance and simplifying the tax system including the reform of business rates, income and corporation tax
  • Climate change, the green economy, a new green deal that focuses on the impact that finance has on the environment and our obligations to the Sustainable Development Goals

I hope that Members will consider voting for me in the ballot. If there are any particular issues or concerns that Members would like to raise, please do not hesitate to contact me.

Harriet Baldwin

Nominated by (own party)

Penny Mordaunt, Mr Jeremy Hunt, Mr Laurence Robertson, Sir Mike Penning, Jeremy Lefroy, Mr Robert Goodwill, Martin Vickers, Ben Bradley, Andrew Stephenson, Mary Robinson, Richard Graham, Mike Wood, Mrs Maria Miller, Vicky Ford, Andrea Jenkyns

Nominated by (other parties)

Alison McGovern, Ms Karen Buck, Ms Harriet Harman, Stephen Twigg, Liz McInnes

Statement

A wide field of excellent candidates is putting their name forward for the Chair of the Treasury Committee, but only I have the combination of deep and senior private sector experience, and the Ministerial expertise that will ensure the committee is able to move quickly to scrutinise the actions of our Chancellor and the men who are his Ministers.

Prior to entering Parliament, I had two decades working in financial services as a managing director at JP Morgan specialising in pension funds and currency markets.

As Economic Secretary to the Treasury between 2015 and 2016, I brought in the Bank of England and Financial Services Act to make our financial system stronger, ensured the UK is the best place for FinTech businesses, cracked down on PPI nuisance calls, launched the Women in Financial Services Charter, increased competition in the banking sector and returned over £20 billion of financial assets to private hands.

There are some key questions which the Treasury Select Committee needs to pose. Are the preparations for No Deal exit now in order? What about in the financial sector more generally? Will the banks be able to open on November 1st and provide the credit the economy needs to thrive? Have the regulators done their job to ensure the sector is ready for EU exit on October 31st?

A new Bank of England governor will be appointed very soon. The short list is on the new Chancellor’s desk. It’s a Crown appointment on the recommendation of the Chancellor and Prime Minister, but the Treasury Select Committee will want to interview the new Governor immediately. The inflation target and the Bank’s independence are bulwarks protecting the value of the currency and hence they affect the prosperity of every one of us.

The Treasury Committee will also want to look at some of the ways in which the financial services sector is still letting customers down, whether by failing to explain the risks of investment products, or by charging too much. With financial fraud continuing to be a concern, is the Treasury happy with the way it is being dealt with? Her Majesty’s Revenue and Customs can sometimes provide a poor service and tax and loophole changes are causing distress to the individuals affected.
 
Parliament needs someone to chair this vital committee who can hit the ground running in the few Parliamentary days before October 31st. All Parliamentarians, whatever their political persuasion or views on the EU will want this Committee to be a well-chaired and robust scrutineer of the Executive and I urge MPs to back me for the role.

Mark Garnier

Nominated by (own party)

Simon Hoare, Bim Afolami, George Freeman, David Morris, Robert Halfon, Craig Mackinlay, Greg Hands, James Gray, Andrew Percy, Eddie Hughes, Stephen Hammond, Caroline Nokes, Richard Benyon, Rory Stewart, Dr Liam Fox

Nominated by (other parties)

Tom Watson

Relevant interests declared

Income from holiday let house in Cornwall (VAT registered); £12,000 p/a income from BRI Group for speaking engagements 

Statement

The forthcoming election for the chair of the Treasury Committee has, perhaps, never been so important. The new chair will need to hit the ground not just running, but sprinting.

Indeed, in very short order, the new chair must lead a committee that analyses a 6th November budget, and scrutinises the impact of our new relationship with the EU. For Parliament to be able to fully understand the economic impact of our new EU deal, the Treasury Committee must get this right.

With six years’ experience as a member of the Treasury Committee (2010 to 2016) and two years on the Parliamentary Commission for Banking Standards, set up after the LIBOR scandal in 2012, I can claim the greatest relevant experience of those seeking your vote. Indeed, my relevant experience on this committee is greater than all the other candidates combined. Add my experience as a minister in an economic facing department, and near three decades working in financial markets at senior level means I can claim more relevant experience than the other, excellent and well qualified candidates.

The new chair must demonstrate an ability to run a committee that will analyse evidence in a way that produces a well-informed report, that tests the evidence from all angles and comes to an intelligent, evidence based conclusion. And to ensure these reports are taken seriously, the new chair needs to run a committee that is unanimous in its findings. It is crucial that the new chair does this in the context of fairness across our four nations.

Importantly, having never been a Treasury minister, I will never be compromised in scrutinising policies that I may have played a part in delivering.

But the Treasury Committee is about more than just Brexit.

Leaving the EU presents the UK with increased opportunity. But with that comes increased risk. So, the longer-term work of the Treasury Committee needs to understand those risks and rewards. My 28-year career in international investment banking and asset management gives an unparalleled breadth of relevant economic experience.

And for the future? I am keen to look back on the work we did during my time on the Treasury Committee and Banking Commission to see if we delivered for consumers that which we set out to achieve. Has the Financial Services and Markets Act (2012) and the Banking Reform Act (2013) achieved the consumer protections we desired? And I want to ensure that Nicky Morgan’s work on equality in financial services is continued through future investigations.

With 6 years’ practical understanding of how the Treasury Committee works, 2 years on the Banking Commission, 20 months in an economic facing government department, extensive work on consumer facing, financial APPGs, and 28 years’ practical experience in global financial markets, I believe I am the best qualified candidate for this important role – a candidate who has the experience and impartiality to test the government’s claims and policies in the interests of the country and for the benefit of Parliament.

Further information

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