Harriett Baldwin MP: Boris Johnson sacked me - I would hold him to account as Treasury Committee Chair

Posted On: 
31st July 2019

Confirming she is running for Chair of the Treasury Select Committee Harriett Baldwin MP states the Committee must ensure that the financial services sector is ready for a no-deal Brexit.

Prior to entering Parliament I spent two decades working in financial services, writes Harriett Baldwin MP.
Credit: 
PA Images

Congratulations to Nicky Morgan MP on returning to Cabinet with a well-deserved promotion. This leaves a vacancy for the crucial post of chair of the Treasury Select Committee at this historic juncture and I’m putting my name forward for election.

Parliament needs someone to chair this vital committee who can hit the ground running in the few Parliamentary days before October 31st. The top priorities for the immediate future will be to scrutinise the appointment of the new Governor of the Bank of England, to oversee a possible emergency budget and, of course, to investigate the Treasury’s preparations to leave the European Union on October 31st. Perhaps most importantly of all, the Committee needs to dig deep into the preparations done by the financial sector to ensure it is ready to withstand a no deal Brexit.

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In calmer, post-Brexit times, the committee must also investigate how our constituents are being treated by Her Majesty’s Revenue and Customs and by tax policy in general. It must build on the work the committee has already carried out to make the financial services sector work more fairly for all our constituents.

As a backbencher, I closely scrutinised the then Chancellor and his activities and took particular interest in the role of the Financial Conduct Authority. I plan to bring this experience to bear for the benefit of the committee, Parliament and our constituents. As a former chair of APPGs, I am familiar with the need to build cross-party consensus. As a former member of the Work and Pensions Select Committee, I’ve seen how effectively a select committee can influence the Government. I’ve been singled out by Iain Dale who recently remarked that I was ‘universally considered one of the most talented Ministers of State’ and I know Labour front and backbenchers have always found me to be constructive to work with.

Prior to entering Parliament, I spent two decades working in financial services as a managing director at JP Morgan. I specialised in managing pension funds and in currency markets. As Economic Secretary, I introduced the Bank of England and Financial Services Act. None of the currently declared list of candidates has such a deep combination of relevant Ministerial and private sector experience.

As someone who has just been sacked by the Prime Minister, but who has extensive recent Ministerial experience – especially as Economic Secretary to the Treasury – I am ideally placed to ensure the Treasury Select Committee holds this Government to account at this important time in our nation’s history. The committee needs a safe, hard-working and competent hand on the tiller as the Treasury plans for, and delivers the process, of leaving the European Union on October 31st.

Harriett Baldwin is MP for West Worcestershire.