Treasury committee chairman Andrew Tyrie steps down

A Chichester MP with twenty years' in the House of Commons, Tyrie has wielded considerable power as chair of parliament's cross-party Treasury select committee.

He has overseen public grillings in parliament's committee rooms to Bank of England Governors and Mark Carney, including over his statements on the potential negative consequences of Brexit; played a part in the resignation of BoE deputy chief Charlotte Hogg; and heaped pressure on high street banking chiefs over a variety of issues; as well as issuing a formal summons to Matthew Elliott, chief executive of the Vote Leave campaign, to appear.

“It has been an exhilarating twenty years. I have done what I can to make a contribution, particularly in efforts to improve banking standards and to shape a more trusted and resilient financial sector after the crisis of 2008," he said.

"I have also sought to play a part in reviving Parliament’s relevance, not least by making the case for Select Committee chairmen to be elected by their fellow MPs. Stronger Committees now demand better explanations for the decisions made by ministers, regulators, and quangos than hitherto."

With the powers of select committees limited, the grandstanding and grilling by Tyrie and his ilk is used to draw attention to issues, which sometimes lead to full-scale investigations.

First voted in to his West Sussex constituency in 1997, said he remained "deeply committed to public service" and that he was "determined, and hopefully young enough, to contribute in other ways in the years ahead”.

Andrew Bailey, chief executive of the Financial Conduct Authority, said Tyrie had "played a major role in enhancing the accountability of economic and financial policy at a time of great change".