The House of Commons Treasury Committee (often referred to as the Treasury Select Committee) is a
select committee of the
House of Commons
The House of Commons is the name for the elected lower house of the bicameral parliaments of the United Kingdom and Canada. In both of these countries, the Commons holds much more legislative power than the nominally upper house of parliament. ...
in the
Parliament of the United Kingdom
The Parliament of the United Kingdom is the supreme legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of Westminster, London. It alone possesses legislative suprema ...
. The remit of the committee is to examine the expenditure, administration and policy of
HM Treasury
His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a department of His Majesty's Government responsible for developing and executing the government's public finance policy and ec ...
, with all of its agencies and associated bodies, including
HM Revenue and Customs
HM Revenue and Customs (His Majesty's Revenue and Customs, or HMRC) is a non-ministerial government department, non-ministerial Departments of the United Kingdom Government, department of the His Majesty's Government, UK Government responsible fo ...
, the
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...
, the
Prudential Regulation Authority, the
Financial Conduct Authority
The Financial Conduct Authority (FCA) is a financial regulation, financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The ...
, the
Royal Mint
The Royal Mint is the United Kingdom's oldest company and the official maker of British coins.
Operating under the legal name The Royal Mint Limited, it is a limited company that is wholly owned by His Majesty's Treasury and is under an exclus ...
, and so on.
Since 2010 the Treasury Committee has taken on new powers, including the right to veto appointments to the independent
Office for Budget Responsibility
The Office for Budget Responsibility (OBR) is a non-departmental public body funded by the UK Treasury, that the UK government established to provide independent economic forecasts and independent analysis of the public finances. It was formally ...
, and has forced the
Financial Services Authority
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...
to publish a detailed report into its handling of the collapse of
Royal Bank of Scotland
The Royal Bank of Scotland plc (RBS; gd, Banca Rìoghail na h-Alba) is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) and Ulster Bank ...
.
Membership
As of November 2022, the members of the committee are as follows:
Changes since 2019
2017–2019 Parliament
The chair was elected on 12 July 2017, with the members of the committee being announced on 11 September 2017.
Changes 2017–2019
2015–2017 Parliament
The chair was elected on 18 June 2015, with members being announced on 8 July 2015.
Changes 2015–2017
2010–2015 Parliament
The chair was elected on 10 June 2010, with members being announced on 12 July 2010.
Changes 2010–2015
Chair of the Treasury Select Committee
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
Instant-runoff voting (IRV) is a type of Ranked voting, ranked preferential Electoral system, voting method. It uses a Majority rule, majority voting rule in single-winner elections where there are more than two candidates. It is commonly referr ...
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.
See also
*
Parliamentary committees of the United Kingdom
The parliamentary committees of the United Kingdom are committees of the Parliament of the United Kingdom. Each consists of a small number of Members of Parliament from the House of Commons, or peers from the House of Lords, or a mix of both, ap ...
Valuation Office Agency (VOA) Inquiry
On 1 February 2019, the Treasury Committee launched an inquiry looking into the impact o
business ratesand any unfairness in the system of rateable valuation operated by the
VOA
Voice of America (VOA or VoA) is the state-owned news network and international radio broadcaster of the United States of America. It is the largest and oldest U.S.-funded international broadcaster. VOA produces digital, TV, and radio content ...
. Th
inquiryheard evidence from many businesses and trade organisations. Th
findingsof this inquiry outlined that the service was broken and public confidence had been eroded. In it
replyto the inquiry, February 2020, the Government promised to make changes to business rates as part of a fundamental review of the VOA.
References
External links
Records of the Treasury Committee are kept at the Parliamentary ArchivesTreasury Committee
{{Authority control
Select Committees of the British House of Commons
HM Treasury