The chair of parliament's powerful Treasury watchdog is standing down as an MP

Mark Sands
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Tyrie was first elected as an MP in 1997 (Source: Getty)

Tory MP Andrew Tyrie, who has led cross-party scrutiny of the Treasury since 2010, has decided to stand down at the General Election.

Tyrie has led the Treasury Select Committee in a raft of high-profile inquiries into government work, becoming a respected critic of both chancellor Philip Hammond and his predecessor George Osborne.

In his time leading the committee, he has repeatedly called for improvement in banking and regulatory standards in the aftermath of the financial crisis. Most recently he claimed the scalp of Charlotte Hogg who resigned from a role at the Bank of England after Tyrie and MPs said she had "fallen short of the very high standards required".

Read More: Tyrie slams Hammond over rules which could have blocked HBOS review

He also clashed frequently with Bank of England governor Mark Carney, in particular over the Bank's comments around the Brexit referendum.

As chair, Tyrie also led the liason committee, which brings together all of parliament's select committees to interrogate the Prime Minister.

Tyrie has been MP for Chichester since 1997, but said in a statement today that he had reached the decision "after very careful thought".

“I am confident that Theresa May will lead the Conservative party to a decisive victory at the General Election, and will continue to give the country the strong and effective leadership that she has already shown as Prime Minister.

“I remain deeply committed to public service. I am determined, and hopefully young enough, to contribute in other ways in the years ahead," he said.

Read More: UK banks vulnerable to a "toxic cocktail" of bailout risks – new inquiry

Tyrie was returned as committee chair unopposed in 2015, but the news will likely launch jockeying among MPs keen to take on the high-profile role.

Members of the commons vote for committee chairs, and the Treasury committee is always led by a government MP, meaning senior Conservatives will likely be mulling their options.

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