Michael Fallon

Jim Pickard

Of all the 23 select committees in Westminster, the Treasury one matters most; and not just for the FT. Its role is to hold to account Treasury ministers, banking chief executives and the governor of the Bank of England. That means it is essential that the body is chaired by a high-calibre individual.

Like many I had presumed until recently that Michael Fallon, who has served eight years as deputy chairman, would be the natural shoo-in to John McFall, the Scottish Labour MP who has just stepped down from his seat. Read more