Treasury Select Committee

The House of Commons Treasury Committee (often referred to as the Treasury Select Committee) is a select committee of the House of Commons in the Parliament of the United Kingdom. The committee is responsible for examining and scrutinizing the expenditure, administration and policy of HM Treasury. This includes its agencies and associated bodies, including HM Revenue and Customs, the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority, and the Royal Mint.

The current chair of the Treasury Select Committee is Harriett Baldwin MP, a Conservative. The position of chair is considered influential, as the holder of the office can scrutinize figures including the Chancellor of the Exchequer, the Governor of the Bank of England, as well as bank executives.

History
The select committee was established in 1979 as the Treasury and Civil Service Committee. Since 2010, the Treasury Committee has taken on new powers, including the right to veto appointments to the independent Office for Budget Responsibility, and has forced the Financial Services Authority to publish a detailed report into its handling of the collapse of Royal Bank of Scotland.

The select committee has been described as an influential one within British politics. In 2016, the committee was described as among the three most powerful select committees in the House of Commons, along with the Public Accounts Committee and the Culture, Media and Sport Committee.

Valuation Office Agency (VOA) Inquiry
On 1 February 2019, the Treasury Committee launched an inquiry looking into the impact of business rates and any unfairness in the system of rateable valuation operated by the Valuation Office Agency (VOA). The inquiry heard evidence from many businesses and trade organisations. The findings of this inquiry outlined that the service was broken and public confidence had been eroded. In its reply to the inquiry, February 2020, the Government promised to make changes to business rates as part of a fundamental review of the VOA.

Current membership
Following the 2024 United Kingdom general election, chairs and member of committees are yet to be appointed.

2019-2024 Parliament
As of March 2024, the members of the committee was as follows:

2017–2019 Parliament
The chair was elected on 12 July 2017, with the members of the committee being announced on 11 September 2017.

2015–2017 Parliament
The chair was elected on 18 June 2015, with members being announced on 8 July 2015.

2010–2015 Parliament
The chair was elected on 10 June 2010, with members being announced on 12 July 2010.

Election results
From June 2010 chairs of select committees have been directly elected by a secret ballot of the whole House of Commons using the alternative vote system. Candidates with the fewest votes are eliminated and their votes redistributed until one remaining candidate has more than half of valid votes. Elections are held at the beginning of a parliament or in the event of a vacancy.