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Andrew Tyrie: Govt reforms do not protect OTS independence

Andrew Tyrie

Treasury select committee chairman Andrew Tyrie has hit out at planned reforms to the Office of Tax Simplification, which he says do not go far enough in protecting its independence.

Tyrie wrote to Chancellor George Osborne in late June to call for a stronger OTS, with the Treasury then publishing a framework for reform in mid-July.

Under these plans, which will be enacted as part of the Finance Bill 2016, the Government will be formally required to respond to OTS recommendations, while the office will also be able to respond to Treasury and HMRC consultations on its recommendations.

However, in a letter published today, Tyrie says these moves still fall short of giving the OTS full independence by failing to guarantee a clear line of reporting to Parliament, rather than just the Government, and a “double lock” on the appointment and dismissal of Office for Budget Responsibility committee members.

A double lock would effectively give the TSC the power to veto the appointment or dismissal of any committee members as proposed by the Chancellor, a power it can only currently exercise over the chairman of the Office for Budget Responsibility.

Tyrie says: “This also establishes a clear line of accountability to Parliament.

“Your suggestion that the Treasury committee may wish to hold post-appointment hearings with the [OTS] chair and tax director is not sufficient to establish this clear line of accountability.”



Andrew Tyrie demands bolstered Office of Tax Simplification

Treasury Committee chairman Andrew Tyrie has written to Chancellor George Osborne calling for a stronger, independent remit for the Office of Tax Simplification. The OTS was launched by Osborne in 2010 to identify areas of complexity in tax for the Chancellor to consider in his Budget, and the Conservatives pledged to establish the Quango on […]

Andrew Tyrie Tory conf 2013.jpg

Tyrie re-elected Treasury committee chair

Andrew Tyrie is to remain as chairman of the Treasury select committee after challengers failed to emerge for the role. Tyrie led the committee throughout the last parliament, becoming a high profile critic of the FCA and the Bank of England, as well as the wider financial services sector. In one of the committee’s final […]

Andrew Tyrie Tory conf 2013.jpg

Tyrie slams ‘appalling’ EU behaviour in bank bonus row

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TSC chair Andrew Tyrie demands answers over BoE technical glitch

Treasury select committee chairman Andrew Tyrie has written to the Bank of England after a technical glitch shut down a crucial payments system today. After undergoing checks at the weekend the Bank found a technical fault in its real time gross settlement system payment system on Monday morning. The system allows banks and building societies […]

Neptune video: Indian valuations and Modi’s pro-investment agenda

Kunal Desai, Head of Indian Equities, discusses his expectations for the Indian market and highlights the key indicators that he is watching for 2015.

In the video, Kunal addresses:

• Indian equity valuations and the importance of stock selection in gaining exposure to the earnings upgrade cycle

• The BJP’s strengthening ambition in its pro-reform, pro-investment agenda


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