Later today, the Conservative Party will select its candidate to replace Andrea Leadsom on the Treasury select committee.
In her four years on the committee, Leadsom proved herself to be an incisive inquisitor of the masters of the universe.
Her experience at Barclays, Invesco Perpetual and her work with the Bank of England during the collapse of Barings in 1995 meant she knows what goes on under the hood of financial services firms – especially when they get into trouble – and she used that knowledge to great effect in many high profile committee hearings in the wake of the financial crisis.
She impressed so much she has been made a Treasury minister – perhaps reports of her political death after she allegedly told the Chancellor to, um, “go away” (in less polite language) when he tried to convince her not to rebel against the Government over a vote on the EU, were somewhat exaggerated.
Later today the 1922 Committee, made up of all Conservative backbench MPs will vote on who the party wants to put forward to replace her. the decision will need to be rubber stamped by a Parliamentary committee. Money Marketing understands they will have two candidates to choose from:
Part of the independent minded 2010 crop of Conservative MPs, Steve is something of a radical in the party. As chair of the all party parliamentary group of economics, money and banking and director of the Cobden Centre, he is an advocate of monetary reform and could pose some difficult questions next time Bank governor Mark Carney is before the committee.
In the past he has called for bankers to be made liable for their losses and for Parliament to be given a power of approval over the Bank governor.
Steve 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.
He also sat on the Transport select committee between 2010 and 2013 and is a member of the Institute of Directors as well as a keen skydiver and catamaran sailor.
You can read about his voting record in Parliament here.
Mary sat on the Home Affairs select committee for six months after being elected in 2010. She stepped down to become an aide to Home Office minister Nick Herbert. When he was shuffled out of Government in 2013 she became an aide to the then Culture Secretary Maria Miller.
Last year, she wrote to Carney attacking the Bank’s decision to remove prison reformer Elizabeth Fry from the five pound note.
Similar to her rival for the position, Mary is an RAF Squadron Leader in the Armed Forces Parliamentary Scheme.
Mary is the MP for Brentford and Isleworth. She worked in business consulting for over twenty years specialising in banking and finance, most recently with ABN AMRO and then RBS. Like Leadsom, this gives her a valuable insight into troubled financial institutions. Mary has also worked as a PR adviser in the Queen’s private office.
You can read abour Mary’s voting record in Parliament here.