Jones on his way up

Labour MP Shane Jones is headed for the chairmanship of Parliament's most powerful committee.

The Weekend Herald understands he has been nominated as chairman of the finance and expenditure select committee, which oversees finance-related legislation and quizzes the Minister of Finance and the Reserve Bank Governor.

The move to give Mr Jones the chairmanship, which is relinquished by new Cabinet minister Clayton Cosgrove, gives a clear signal the list MP is on the fast track. He missed out on an immediate elevation to the Cabinet in Prime Minister Helen Clark's recent reshuffle. However, he is being tipped as a possible minister outside Cabinet in the next reshuffle.

He has recognised business abilities, being the former chairman of Sealord Group and chairman of Maori fisheries allocation trust Te Ohu Kaimoana.

Mr Jones said Labour was putting his name forward for the committee chair, but it would finally be decided by Parliament.