This Report gives an account of the work of the Treasury Committee and of its Sub-Committee in 2005 and 2006. The Report identifies four main themes of that work:
- A continuing priority for scrutiny of key elements of economic policy, including fiscal and monetary policy;
- A growing emphasis on the international dimension of economic policy, including the effects of globalisation;
- A wide-ranging examination of the capacity of public policy and the financial services industry to respond to the needs of the financially-excluded and those with less experience of financial products; and
- An increased commitment to scrutiny of the administration of the Chancellor of the Exchequer's departments other than HM Treasury, with a particular focus on the effectiveness of HM Revenue & Customs in fulfilling its increasing range of duties in the area of income distribution as opposed to revenue collection.
We analyse the extent to which our work has fulfilled the core tasks of departmental select committees. We then describe important aspects of our working practices, including endeavours to promote the implementation of recommendations in Reports of the Treasury Committee in the last Parliament. Finally, we make observations about how relations between the Committee and HM Treasury could be strengthened.