Bank of England deputy governor Charlotte Hogg QUITS after MPs brand her ‘incompetent’ for failing to declare potential conflict of interest
The Bank of England’s deputy governor has dramatically resigned after MPs branded her ‘incompetent’ for failing to declare a potential conflict of interest.
The influential Treasury Select Committee delivered a devastating verdict on Charlotte Hogg for breaching conduct rules in a report this morning.
It comes weeks after Mrs Hogg apologised to the committee for not disclosing that her brother, Quintin, was Barclays’ group strategy director.
The blunder raised concerns as his position could have conflicted with her work on the Prudential Regulation Committee (PRC).
Charlotte Hogg dramatically resigned as deputy governor of the Bank of England this morning after being condemned by MPs Charlotte Hogg’s failure to declare the interest only came to light after she gave evidence to the Treasury Select Committee
The MPs said newly appointed Mrs Hogg failed ‘over a period of nearly four years to comply with the Code of Conduct, despite numerous procedural reminders and opportunities to do so’.
Mrs Hogg, who was touted as a possible successor to Bank governor Mark Carney, had not declared the family link on a number of occasions since becoming chief operating officer in 2013.
She embarrassingly told the Treasury Committee at a hearing that she always declared areas of conflicts of interests.
Mrs Hogg also insisted she was compliant with all of the Bank’s codes of conduct because she helped to write them.
It prompted committee member John Mann to demand she stepped down, saying that Mrs Hogg ‘has either lied to Parliament or she is grossly incompetent’.
It has emerged that Mrs Hogg offered to resign last week, and insisted today that she must step down from her post.
In a letter to Mr Carney and Anthony Habgood, chairman of the Bank’s Court, Ms Hogg said: ‘Last week I offered you my resignation in recognition of the fact that I made a mistake in not declaring my brother’s work on the forms that the Bank requires. It has become clear to me that I should now insist.
‘As I have said, I am very sorry for that mistake. 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.’
The Treasury Committee, chaired by Andrew Tyrie, delivered a devasting verdict on Mrs Hogg’s competence for the role