The Bank of England’s new deputy governor of markets and banking, Charlotte Hogg, has resigned after less than five week in her post, after an MP report concluded she “fell short of the very high standards required” for the position as a result of failing to disclose that her brother works at Barclays, a bank which the BOE regulates.
In a report published today, the Treasury Select Committee issued a strongly worded criticism of Hogg: “The Committee considers that her professional competence falls short of the very high standards required to fulfil the additional responsibilities of Deputy Governor for Markets and Banking.” The TSC said Hogg’s failure to inform the Bank that her sibling worked at a bank she would be regulating “raises wider concerns about BoE transparency” and called for further reform of the BoE’s internal court.
Hogg voluntarily tendered her resignation, which BOE governor Mark Carney accepted saying he “deeply regretted” the decision:
“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.
Since Charlotte joined the Bank almost four years ago, she has transformed its management and operations.
The Bank of England today is stronger, more diverse, secure and effective in large part because of Charlotte Hogg. We will do everything we can to honour her work for the people of the United Kingdom by building on her contributions.”
Hogg’s full resignation letter is below: