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Mon, 30 January 2023

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I will ensure sound scrutiny without fear or favour as chair of the Treasury Committee

I will ensure sound scrutiny without fear or favour as chair of the Treasury Committee

Harriett Baldwin MP | Image courtesy of UK Parliament

3 min read

I have put my name forward to be the new chair of the Treasury Select Committee to offer a deep knowledge and experience of the financial sector as well as the Treasury

We have a new Prime Minister, a re-shuffled ministerial team, and a new Chancellor of the Exchequer. With a government clearly focusing on sound economic strategy and with a crucial fiscal statement due shortly, the work of the Treasury Select Committee could not be more important.

I’ve been a member of the committee since 2019 and I joined with the combined experience of having served in the Treasury and – before I entered Parliament in 2010 – I had accrued two decades of experience working in a senior role in the financial services sector.

I am proud of my achievements working within government. 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 Finance Charter, increased competition in the banking sector and returned over £20bn of financial assets to private hands.

Since joining the committee, I’ve been a strong, questioning voice, particularly challenging the governor of the Bank of England and I am on record consistently questioning him on the challenges of rising inflation. The same rigour will be needed to question the Treasury’s actions over recent months and the plans that our new Chancellor has to balance the books. The Treasury Select Committee needs a wise, knowledgeable chair to lead proceedings and I’ve worked closely with our previous chair, Mel Stride, to ensure that the committee challenges witnesses without fear or favour.

I’ve been a strong, questioning voice, particularly challenging the governor of the Bank of England

The committee works best without the shackles of economic ideology and focuses on a strong evidence base to make its recommendations. At a time when the country is looking closely at the way its government manages the economy, all eyes will, too, be on the Treasury Select Committee to rigorously challenge its thinking.

I’m also a strong believer in Parliament and the work that it can do across party lines to the betterment of democracy and society. I’m shortly ending my third and final year as chair of the British Group of the Inter Parliamentary Union and I have worked with colleagues across the House to press issues that matter most to them.

I have put my name forward to be the new chair of the Treasury Select Committee to offer a deep knowledge and experience of the financial sector as well as the Treasury. I am grateful to my fellow committee members for nominating me. Now that we have taken back control of our financial regulation, the committee will play a vital role in setting a regulatory tone that works for our global financial centre, while enabling our constituents to engage with a financial sector that works for everyone.

Harriett Baldwin is Conservative MP for West Worcestershire

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