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Rees-Mogg to run for Treasury committee chair

Rees-Mogg to run for Treasury committee chair

Jacob Rees-Mogg MP wants to be chairman of the Treasury select committee, the cross party panel charged with examining government policy and scrutinising bodies such as the Bank of England.

Mr Rees-Mogg, a former City banker with a background in global emerging markets, has built a reputation for insightful and at times combative contributions to the Treasury select committee. 

A noted Brexiteer, Mr Rees-Mogg joined the Treasury select committee after the 2015 general election.

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He said of his desire to become chairman: “It is a key Commons committee in an area where I have specialised for many years, and in a hung parliament it will have an important role in holding people to account.”

Mr Rees-Mogg would take over from Andrew Tyrie, who stepped down at the general election.

Mr Tyrie had headed up the Treasury select committee since 2010 during which time he earned a reputation as a fierce and determined critic of anyone or anybody he felt was not exacting the high standards he believed the financial sector should live up to. 

He was a fierce critic of Mark Carney, governor of the Bank of England, criticising him about the comment he made about Brexit, and regularly condemning the Bank’s governance.

Mr Tyrie was instrumental in the downfall of Charlotte Hogg, a deputy governor at the Bank of England, over a potential conflict of interest.

Mr Rees-Mogg is the son of the late William Rees-Mogg, former editor of The Times.

After leaving Oxford he worked for Lloyd George Management before establishing his own company, Somerset Capital Management.

Dan Farrow, director of SBN Wealth Management, said: “Jacob Rees-Mogg may be a vocal character, but he has great depth of experience and knowledge of the financial sector that he will be able to bring to the role.

"I would rather have someone with his intelligence and background as chair of the Treasury select committee than anyone else I can think of.”

dan.moore@ft.com