Westminster
As well as speaking for Sevenoaks and Swanley in the House of Commons, Michael serves as the senior Tory member of the Treasury Select Committee. The Committee is responsible for holding the Chancellor of the Exchequer to account, especially at Budget time, for taxes and public spending. The Committee also supervises monetary policy, taking regular evidence from the Governor of the Bank of England about interest rates, and monitors financial services. Recent Committee reports have covered long-term savings and credit card rates. The committee is currently investigating the banking crisis.
Michael has also been re-elected Chairman of the Treasury Sub-committee which scrutinises the work of the Revenue & Customs, and other bodies such as National Savings, the Government Actuary’s Department, the Royal Mint and the Office of National Statistics. He has produced reports on the cost to business of tax compliance, the accounting treatment of Network Rail, and the tax haven outsourcing scandal involving Inland Revenue offices.
The Committee’s workload has included inquiries into the Budget, long-term savings, EU financial services legislation, the financing of second pensions and the impact of globalisation on the UK economy.
The Sub-Committee has published reports on the merger of the Inland Revenue with HM Customs & Excise, the administration of tax credits, excise duty fraud, and the proposals for more independence for statistics.
Meetings of the Treasury Select Committee are held in public. The main Committee usually meets on Tuesday mornings and sometimes additionally on Thursday mornings. The Sub-Committee normally meets every Wednesday afternoon.
Find out how Michael has been representing you in the House of Commons.
Watch this video to learn more of the work of the Treasury Committee