The Treasury Select Committee may soon turn its eye into more consumer focussed issues, including household debt levels, its new chair Nicky Morgan has told the BBC.
Under the previous chair, Andrew Tyrie, the committee’s profile was raised, as it brought numerous senior bankers and regulators in for questioning.
This included dragging the then Chancellor of the Exchequer George Osborne to the committee, to explain his role in former Financial Conduct Authority (FCA) chief Martin Wheatley’s departure. Soon after it also called for the FCA to divest its enforcement powers to a new regulatory body.
Tyrie stepped down as MP in the last election, and has since been replaced by Morgan.
Of his time on the committee, Morgan said: “When Andrew Tyrie, who was a fantastic chairman, took up the role, obviously very fresh in everyone’s minds was the financial crash, the bailing out of the banks and then the rebuilding of confidence in our institutions.”
Speaking on BBC’s Today, she continued that she was keen to ensure the committee should now reflect the broad remit of the Treasury.
Specifically, she went on: “There are concerns about levels of household debt. Interest rates have been low for a very long time. If there were to be a change in that, how would households cope? What spending decisions would they make – or not be able to make?”
In the same show, she also mentioned: “We want to look at the management of the economy, public spending decisions.
“We’ve got a Budget coming up, with issues like household debt, tax policy, investment in infrastructure.
“These are all the things that actually our constituents put us in the House of Commons for, the things that make a difference to household budgets and to their economic security.”