What happened?
Charlotte Hogg was set to become the Bank of England’s deputy governor for markets and banking, but has made the decision to resign from the post after failing to disclose family connections.
She had worked for the Bank for several years without mentioning this information.
She told MPs when being approved for the role that her brother held a senior position at Barclays.
The Bank’s code of conduct says employees must declare these connections, Hogg helped draw this up.
MPs on the Treasury Committee said she “fell short of the very high standards” that would be required.
Bank Governor Mark Carney said: “While I fully respect her decision taken in accordance with her view of what was the best for this institution, I deeply regret that Charlotte Hogg has chosen to resign from the Bank of England.”
Hogg said in her resignation letter: “It was an honest mistake: I have made no secret of my brother’s job – indeed it was I who informed the Treasury Select Committee of it, before my hearing.”
“But I fully accept it was a mistake, made worse by the fact that my involvement in drafting the policy made it incumbent on me to get all my own declarations absolutely right. I also, in the course of a long hearing, unintentionally misled the committee as to whether I had filed my brother’s job on the correct forms at the Bank. I would like to repeat my apologies for that, and to make clear that the responsibility for all those errors is mine alone.”
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