One of the MPs pushing for a cap on energy bills has joined the fight to chair parliament's Treasury watchdog

 
Mark Sands
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UK General Election 2015 - Miscellaneous Week One
MPs from all sides of the house will elect the new committee chair. (Source: Getty)

The battle to lead one of parliament's most respected watchdogs is heating up, with a second MP going public on their bid to take control.

Jacob Rees-Mogg told City A.M. last week that he wanted to lead the Treasury committee, and now one of the MPs behind a drive to cap increases on energy bills has also waded in.

Former cabinet office minister John Penrose is bidding for the role, after his drive for a relative cap on increases to bills led to a similar promise in the Conservative manifesto.

The chair of the committee is vacant following Andrew Tyrie's decision to quit parliament at the last election.

Under Tyrie, the Treasury Committee became a fearsome inquisitor of ministers. MPs undertook a raft of high-profile inquiries, criticising former chancellor George Osborne and Bank of England governor Mark Carney along the way.

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

Tyrie also pushed for improvement in banking and regulatory standards in the aftermath of the financial crisis, and most recently claimed the scalp of Charlotte Hogg who resigned from the Bank of England after failing to disclose a role held by her brother at Barclays.

The chair of the committee is elected by MPs from all sides of the house, although the Treasury Committee itself is always led by a member of the governing party.

Other Tories are known to be considering a bid for the role, including former entrepreneur and one-time McKinsey consultant Chris Philp, who has also sat on the committee since 2015.

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