BoE’s deputy governor Hogg resigns
london — Bank of England Deputy Governor Charlotte Hogg has resigned for failing to declare a potential conflict of interest about her brother’s role at a leading bank which had prompted a fierce rebuke from lawmakers.
The Bank said on Tuesday that Hogg stepped down voluntarily. She joined the BoE in 2013 as chief operating officer and expanded her position to become deputy governor for markets and banking on March 1.
However, she admitted last week that she only revealed her brother’s job guiding Barclays’ response to bank regulation when she prepared information for lawmakers who were reviewing her appointment as deputy governor.
“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,” BoE Governor Mark Carney said in a statement.
Hogg was promoted to serve on the BoE’s Monetary Policy Committee this month, just as the central bank is preparing to steer Britain’s economy through its divorce with the European Union. Hogg would have been in charge of the Bank’s massive bond-buying stimulus programme.
Earlier on Tuesday, a committee of lawmakers said Hogg could no longer be considered suitable for her role. — Reuters