Westminster turmoil hits fight to lead watchdog

THE battle to chair one of the most powerful City watchdogs has been blown wide open after several leading candidates were expelled from the Tory party.

Nominations for the Treasury Select Committee chair, formerly held by Nicky Morgan, are due to close at noon on Tuesday.

But chaos in Westminster means several leading candidates – including former Business Secretary Greg Clark – are no longer eligible for the role which must be filled by an MP from the party which holds power.

Former Education Secretary Justine Greening, ex-Health Minister Stephen Hammond and David Gauke, formerly Secretary of State for Justice, were also understood to be keen to clinch the role but were expelled alongside Clark last week for rebelling against the Government on Brexit.

The remaining four candidates, according to Westminster sources, are former Treasury Ministers Mel Stride and Harriett Baldwin, ex-International Trade Minister Mark Garnier – who was previously a member of the Treasury Committee for six years – and Kevin Hollinrake.

The latter is an arch critic of banks whose appointment would likely cause concern in the City, but Stride is seen as the favourite and a safe pair of hands.

Voting is due to be held on Wednesday. However a General Election or prorogation of Parliament may delay the process.

Steve Baker has ruled himself out of the race after becoming chair of the Conservative pro-Brexit European Research Group.