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Latest Treasury select committee member revealed

Conservative MP Steve Baker has been selected by his party to replace Andrea Leadsom on the Treasury select committee.

Last month, after four years on the committee Leadsom was promoted to Treasury economic secretary.

The decision was taken by the Party’s back-bench MPs, known as the 1922 Committee last night, though the decision still needs to be rubber stamped by a parliamentary committee. He beat his party colleague Mary Macleod.

Baker is chair of the all-party parliamentary group on economics, money and banking and director of the Cobden Centre think tank. He is an advocate of monetary reform and could pose some difficult questions next time Bank of England governor Mark Carney is before the committee.

In the past he has tabled a private members bill to make bankers liable for their losses and called for Parliament to be given a power of approval over the “too powerful” Bank governor. 

He also called for the Government to scrap Funding for Lending back in July 2012 and attacked “menacing” letters from HM Revenue & Customs using nudge theory as an example of the state using “sinister” psychology.

Baker is the MP for Wycombe. After 10 years as an RAF engineer he moved into information technology working on early online government services and software used for financial reporting and risk management. This informed his decision to call for a probe into Royal Bank of Scotland’s accounting methods over concern the bank’s current approach could be misrepresenting capital positions.

He also sat of the Transport select committee between 2010 and 2013 and is a member of the Institute of Directors.   

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