Clarke was successful in the final ballot of MPs, but was defeated by Iain Duncan Smith in the full membership vote.

[6] The Conservatives' third consecutive defeat following the 2005 election led Michael Howard to announce his resignation as party leader, triggering a leadership contest.

[2] He is a shareholder of the Veritas Asian Fund[10] and Falcon Land Limited,[11] and he sits on the Board of Directors of Rugby Estates.

[6][12] In his constituency, Tyrie has been involved locally, namely in supporting campaigns including the movement to prevent the Accident and Emergency Department at St Richard's Hospital from being downgraded.

On 10 June 2010, Tyrie was elected to chair the Treasury Select Committee, defeating original favourite Michael Fallon to succeed John McFall.

[6] The Financial Times speculated in 2012: "One possible reason why Mr Tyrie is still on the backbenches is that he irritated David Cameron by challenging his climate change policies.

'"[14] In December 2015, Tyrie rebelled against the Cameron government by opposing its motion to join the US-coalition in carrying out airstrikes against ISIS.

[15] In the following month, at a meeting of the Liaison Committee, which he chaired, Tyrie clashed with Cameron over the Prime Minister's refusal to release details regarding the UK's involvement in the Syrian civil war.