She takes over from Mel Stride MP who has become Secretary of State for Work and Pensions.

The committee, made up of MPs, holds government ministers and senior officials to account and regularly questions FCA and Bank of England senior figures.

Ms Baldwin has been MP for West Worcestershire since May 2010. Between 2010 and 2015 she served on the Work and Pensions Select Committee and was then Parliamentary Private Secretary to the Minister for Employment in the Department of Work and Pensions. 

In 2015, she became Economic Secretary to the Treasury (City Minister) and then moved to become Parliamentary Under Secretary of State in the Ministry of Defence responsible for Defence Procurement in July 2016. Between 2018 and 2019 she served as Minister for Africa.

Following her re-election in 2019, she joined the Treasury Select Committee.

She was born in Hertfordshire and spent her early childhood in Cyprus. She read Modern Languages (French and Russian) at Oxford, receiving First Class Honours and obtained an MBA from McGill University in Canada.

She had a 20 year career in finance, specialising in currency markets for pension funds and she was on the National Council of Business for Sterling. She was vice chair of the board of the Social Investment Business and chair of the Investment Committee from 2008-2012. The Social Investment Business helps charities and social enterprises with finance.

She has supported many local charities and has also campaigned for more women to get involved in politics and to work in financial services.

Five candidates stood for election for the role of chair:

• Harriett Baldwin, MP for West Worcestershire
• Mr John Baron, MP for Basildon and Billericay­­
• Richard Fuller, MP for North East Bedfordshire
• Andrea Leadsom, MP for South Northamptonshire
• Kit Malthouse, MP for North West Hampshire

The new chair was chosen from Conservative Party MPs, as agreed by the party leaders following the results of the last General Election.

Ms Baldwin MP said: “It is a privilege to be elected as the chair of such a prestigious and influential Committee and I pay tribute to my fellow candidates on the positive campaign.

“With the Chancellor’s Autumn Statement around the corner, interest rates on the rise and inflation well above target, the role of the Committee has never been more important. As chair, I will hold the Treasury to account and scrutinise the Bank of England and our regulators without fear or favour.

“The Treasury Committee will continue to play a vital role in safeguarding our nation’s economy. We will investigate the key issues, ask tough questions, and provide constructive challenge. The hard work begins today, and I cannot wait to get started.”

Members of the committee are: Harriett Baldwin (Chair, Con, West Worcestershire), Rushanara Ali (Lab, Bethnal Green and Bow), Anthony Browne (Con, South Cambridgeshire), Dame Angela Eagle (Lab, Wallasey), Emma Hardy (Lab, Kingston upon Hull West and Hessle), Siobhain McDonagh (Lab, Mitcham and Morden), Alison Thewliss (SNP, Glasgow Central). Gareth Davies (Con, Grantham and Stamford), Kevin Hollinrake (Con, Thirsk and Malton) and Julie Marson (Con, Hertford and Stortford) have taken up Government posts. They formally remain Committee members pending replacement but are not expected to participate.