One of the most influential MPs in the City of London is standing down

Andrew tyrie1
Andrew Tyrie. PA

LONDON — Conservative MP Andrew Tyrie, the chairman of the influential House of Commons Treasury Select Committee, is standing down from parliament after next month’s general election, he announced on Tuesday.

Tyrie has been an MP for the Chichester constituency in Sussex since the 1997 general election, but will stand down in June.

“After very careful thought, I have decided to stand down from Parliament,” he said in a statement.

“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.

In his role at the helm of the Treasury Select Committee (TSC), Tyrie played a crucial role in holding major figures from Britain’s financial sector to account, frequently sparring with the likes of Chancellor Philip Hammond, Bank of England Governor Mark Carney, and senior executives from UK banks in committee hearings.

During one notable hearing in September 2016, Tyrie accused Carney of holding a “gun to the head” of Hammond when he asked the chancellor to grant the Bank of England an indemnity approving of the term funding scheme introduced by the bank soon after the Brexit referendum, arguing that Hammond had virtually no choice but to grant the indemnity.

Tyrie was also a major player in the sudden resignation of BoE deputy governor Charlotte Hogg in March after grilling her about a failure to disclose the fact that her brother held a job with Barclays, a possible conflict of interest.

Her testimony to MPs on the Treasury Select Committee, who grilled her about the role on February 28, “was not accurate” as a result of the “oversight,” Hogg said in a letter to Tyrie after her grilling.

Tyrie joins several other Conservative Party MPs, including Gerard Howarth, Simon Burns, and Angela Watkinson in announcing that he will not stand for re-election.

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