Stephen Dorrell (Conservative; Charnwood, northern Leicestershire) was elected on Thursday and further announcements regarding membership of the committee are expected soon.
Mr Dorrell was promoted to government after the 1987 election by Margaret Thatcher. He held several posts under John Major and became health secretary in 1995, serving until the end of the Conservative government in 1997.
He beat former nurse Nadine Dorries (Conservative; Mid Bedfordshire) in the first ever election for the post.
Mr Dorrell said: ‘At the heart of the debate about the future of public services is the familiar, but increasingly challenging, requirement to reconcile public aspirations with available resources.
‘There is no bigger issue facing our society.'