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Osborne, King Face U.K. Parliament Scrutiny by Former Lawson Adviser Tyrie

U.K. finance minister George Osborne and Bank of England Governor Mervyn King will face scrutiny from Parliament’s Treasury Committee led by Conservative lawmaker Andrew Tyrie, who beat rival Michael Fallon to become chairman.

Tyrie, an economist who was an adviser to former Chancellor of the Exchequer Nigel Lawson, won 352 votes against 219 for Fallon in a secret ballot of lawmakers. Fallon was the ranking Conservative member during the previous session of Parliament when the panel was led by Labour lawmaker John McFall.

Tyrie will take charge of examining the deepest squeeze on public spending since at least the early 1980s, and scrutinize Bank of England officials as they consider whether the recovery is strong enough to warrant removing emergency stimulus. The panel previously led inquisitions into the government rescues of Northern Rock Plc and Royal Bank of Scotland Group Plc.

“A big job lies ahead of the committee in the coming weeks and months,” Tyrie said in a e-mailed statement released yesterday. “It has a crucial role to play in Parliament and more widely at a difficult time for the economy. I look forward to the rest of the committee being formed, so that we can get to work.”

Photographer: Chris Ratcliffe/Bloomberg

U.K. chancellor of the exchequer George Osborne. Close

U.K. chancellor of the exchequer George Osborne.

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Photographer: Chris Ratcliffe/Bloomberg

U.K. chancellor of the exchequer George Osborne.

The appointment follows ballots completed on June 8 to elect all committee chairmen in the House of Commons after the May 6 election. Other members of the Treasury Committee have yet to be chosen.

Tyrie was born in 1957 and is the son of a furniture retailer. He studied politics, philosophy and economics at Oxford University. He worked at the Treasury from 1986 to 1990, advising both Lawson and his successor, John Major, under Prime Minister Margaret Thatcher. He then worked as an official at the European Bank for Reconstruction and Development and was first elected to Parliament in 1997.

To contact the reporter on this story: Jennifer Ryan in London at jryan13@bloomberg.net

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