Charlotte Hogg, who was set to become a Bank of England deputy governor, has resigned after failing to disclose her brother worked at Barclays.
Ms Hogg broke the Bank’s code of conduct by failing to reveal the potential conflict of interest. She had been the Bank’s chief operating officer since 2013. But news of her brother’s job only emerged earlier this month, when she faced MPs on the Treasury Committee about her promotion to deputy governor. She would have had responsibility for markets and banking. Her brother Quintin works in the strategy unit of Barclays’ investment bank.
A Treasury Committee report released on Tuesday said she “fell short of the very high standards” required and that MPs had “set aside” its approval of her appointment. Minutes after the committee released its report, the Bank announced Ms Hogg’s resignation. She will not leave immediately and therefore will take part in this week’s Monetary Policy Committee meeting. It will be the first – and last – time Ms Hogg is involved with the MPC, which sets UK interest rates.