The committee is responsible for examining and scrutinizing the expenditure, administration and policy of HM Treasury.
The current chair of the Treasury Select Committee is Dame Meg Hillier MP, from the Labour Party.
[3] Since 2010, the Treasury Committee has taken on new powers, including the right to veto appointments to the independent Office for Budget Responsibility, and has forced the Financial Services Authority to publish a detailed report into its handling of the collapse of Royal Bank of Scotland.
In its reply to the inquiry, February 2020, the Government promised to make changes to business rates as part of a fundamental review of the VOA.
[18][19] From June 2010 chairs of select committees have been directly elected by a secret ballot of the whole House of Commons using the alternative vote system.