Mel Stride becomes new Treasury Select Committee chair

A member of the Conservative Party, Stride has been the MP for Central Devon since 2010 and served as Leader of the House of Commons and Lord President of the Council from 23 May to 24 July 2019.

Stride won 237 of the 511 votes cast, beating former City minister Harriett Baldwin, former international trade minister Mark Garnier, and backbencher Kevin Hollinrake.

Stride replaces Nicky Morgan, who was elected chair following the 2017 General Election, until July 2019.

David Clarke, head of policy at Positive Money, commented: “With the country’s attention consumed by Brexit, Mel Stride will chair a committee which will be relied on to provide a key source of scrutiny on the government’s management of the economy during a critical period. Having served as a Treasury minister until earlier this year, he’ll have to demonstrate that he can be a truly independent voice.

“The Treasury Select Committee will play a central role in the appointment of one of the UK's most powerful unelected positions - the next governor of the Bank of England. With concerns that the government might bypass the official shortlist to make Mark Carney's successor a political ally, Mr Stride must be prepared to withhold support for any candidate who is unprepared for the task.

“As Committee chair, Mel Stride must also be vigilant against a weakening of banking regulation that puts consumers and economic stability at risk, as the financial sector may look to secure a 'regulatory dividend' to make up for Brexit disruption.”