The battle to chair parliament's Treasury watchdog is heating up with another new entrant

Mark Sands
Follow Mark
Members Of The New Coalition Cabinet Arrive For Their First Cabinet Meeting
MPs from all sides of the house will elect the new Treasury Committee chair. (Source: Getty)

A third MP has thrown their hat in the ring as the battle for one of parliament's premier roles as the chair of the Treasury committee continues to heat up.

Wimbledon MP and former banker Stephen Hammond is the latest to declare he will seek the role, putting him toe-to-toe with Somerset Capital Management co-founder Jacob Rees-Mogg and former minister John Penrose.

And at least two other candidates are considering entering the contest - former education secretary Nicky Morgan has consulted committee clerks over a potential bid, while former entrepreneur and one-time McKinsey consultant Chris Philp is also mulling his options.

Hammond, Rees-Mogg and Philp have all sat on the committee since 2015, while Morgan is a former City minister who served in the Treasury between 2012 and 2014 before being promoted to education.

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.

In a statement, Hammond said he be would be open to suggestions from all MPs for future committee work, and had already received suggestions for work on the barriers to competition in personal banking and the economic geography of infrastructure.

Related articles