Senior Conservative Andrew Tyrie, 60, will not stand for re-election to the House of Commons on 8 June, the Chichester MP announced on Tuesday 25 April.

The move also means that the Treasury Select Committee, which probes the aforementioned ministry as well as the the Bank of England, will be left without a chairman. Tyrie, who also heads up the House of Commons Liaison Committee, has led the cross-party group of MPs since 2010.

"After very careful thought, I have decided to stand down from parliament. The hardest part of my decision has been that I have the most welcoming, generous and beautiful constituency in the country," he said.

"There have been many challenges, not least helping to rescue St Richard's A&E from closure, getting the cash to improve sea defences and helping to secure emergency funding for Chichester's flood relief scheme."

Tyrie added: "I particularly want to thank my colleagues and the staff on the Treasury Committee who have worked with me to drive these changes forward.

"I am confident that Theresa May will lead the Conservative Party to a decisive victory at the general election, and will continue to give the country the strong and effective leadership that she has already shown as Prime Minister."

The outgoing MP said he would remain "deeply committed" to public service and hoped to contribute in "other ways in the years ahead". Labour MP Wes Streeting, who sits on the Treasury Committee, described Tyrie as a "true parliamentarian and public servant".

"I learned a huge amount serving under Andrew Tyrie's chairmanship of the Treasury Committee," he said. Tyrie secured a majority of more than 24,000 votes for his West Sussex at the 2015 general election, making it an ultra-safe Conservative constituency.