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Tory critic of QE joins Treasury select committee

Bank of England BoE Panorama 480

A fierce Conservative opponent of quantitative easing has been appointed to the Treasury select committee after last month’s ministerial reshuffle.

Braintree MP Brooks Newmark has replaced Michael Fallon on the TSC after he was promoted to business minister in September.

The Tories held party elections for all select committee positions that were left vacant by ministerial promotions.

Newmark was a TSC member between 2006 and 2007, before spending five years in the Tory whips office until he was shuffled out last month.

Even in Government he has been a fierce opponent of QE, branding it the “crack cocaine” of monetary policy in October last year.

Last night he tweeted: “Delighted to have been elected onto the Treasury select committee. Looking forward to playing an active role on the committee once again!”

The TSC recently launched an investigation into the use of QE by the Bank of England, alongside inquiries into the Money Advice service and macro-prudential tools.


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