Former Chichester MP to lead competition watchdog

Mr Tyrie, who was MP for Chichester for 20 years, has previously led the Parliamentary Commission on banking standards and the Treasury Select Committee.

Now he has been put forward to chair the Competition and Markets Authority (CMA), the government body responsible for enforcing competition and consumer law and investigating mergers, markets and the regulated industries.

Andrew Tyrie said: “Subject to parliamentary support, I’m delighted to accept this post and look forward to working with the CMA’s high quality Board and staff.

“Making markets work for the benefit of millions of people is what the CMA is all about.

“In the years ahead, competition can and should be put even closer to the centre of British economic life, reaching to every sector, rooting out monopoly and unfair trading practices, and enhancing Britain’s global competitiveness into the bargain.”

Current CMA chairman, David Currie, will step down after Mr Tyrie’s appointment has been confirmed.

Mr Currie’s salary in the role is just under £185,000 a year.

The post of CMA Chair is subject to a pre-appointment hearing by the Business, Energy and Industrial Strategy Select Committee.

Business secretary Greg Clark said: “The CMA has a vital role to play in promoting competition and making markets work for consumers, businesses and the economy.

“Andrew Tyrie is a proven consumer champion and competition advocate, with a strong record of independence as Select Committee Chair, ideally suited to leading the CMA at this critical time.

“I have no doubt he will make good use of his extensive policy, economic and financial experience to entrench the CMA post-Brexit as one of the world’s leading regulatory and enforcement bodies.”