New BoE deputy governor steps down

The Bank of England’s newly-appointed deputy governor has resigned after coming under fire for breaking the Bank’s code of conduct by failing to declare her brother worked for Barclays.

Charlotte Hogg offered a voluntary resignation last week, before insisting in a letter to Bank governor Mark Carney that she must step down from her post.

Her resignation letter was made public just moments after the House of Commons Treasury Select Committee published a report stating her “professional competence falls short” of the standards required to fulfil her role as deputy governor of the Bank.

Writing to Mr Carney and Anthony Habgood, chairman of the Bank’s Court, Ms Hogg said she was “very sorry” for what was an “honest mistake.”

She said: “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,” she added.

Ms Hogg had apologised to the Committee for not formally disclosing that her brother Quintin was Barclays’ group strategy director, which could conflict with her work on the Prudential Regulation Committee (PRC).

She failed to declare the link on a number of occasions since joining the Bank as chief operating officer in 2013.

Mr Carney said he respected but deeply regretted Ms Hogg’s decision.

“Since Charlotte joined the Bank almost four years ago she has transformed its management and operations,” he said.

Ms Hogg took up the role as deputy governor for markets and banking at the beginning of this month, overseeing the Bank’s balance sheet and sitting on the Monetary Policy Committee, the Financial Policy Committee, the Prudential Regulation Committee and the Court of the Bank of England.

The PRC has direct responsibility for regulating banks, including Barclays.

Picture: PA. Charlotte Hogg has left her high-profile post at the Bank of England.