Treasury select committee expected to publish report on suitability for role following failure to disclose potential conflict of interest
Charlotte Hogg faces a crucial 24 hours for her future as MPs prepare to publish a report into whether she is suitable to hold the post of deputy governor of the Bank of England. Hogg has been braced for criticism since her admission to MPs on the Treasury select committee that she had she failed to disclose potential conflicts of interest.
The committee is expected to deliver its opinion on Hogg’s suitability for the post on Tuesday. Although the MPs have only an advisory role, a tough response could put pressure on the 46-year-old to withdraw her candidacy. One committee member said on Monday evening that Hogg’s promotion had to be scrapped. “Feelings have undoubtedly hardened and I cannot possibly see how her promotion can go ahead,” said Labour MP John Mann. Mann described her position as untenable when her breach of the Bank’s code of conduct was revealed last week. In a hearing last month, Hogg had told the Treasury select committee that she had disclosed to the Bank that her brother Quintin Hogg worked at Barclays. But days later she was forced to write to admit that she had not made the disclosure – and had breached the code of conduct she had helped drawn up when she joined the Bank of England in 2013 as chief operating officer. In an attempt to draw a line under the matter, Bank of England governor Mark Carney issued Hogg with a verbal warning after her admission.
Last week at a hearing with MPs, members of the Bank’s court – which oversees its management – had defended her position. Bradley Fried, deputy chairman of the Court, said that while her role should not be altered, the events of the recent days “will go down as a watershed moment in Ms Hogg’s professional and public life”. Hogg is part of the new team brought in by Carney when he arrived from Canada in 2013. Her career includes a spell at Spanish bank Santander, credit checking business Experian, and a stint working in the US.
Both her parents are peers. Her father is Douglas, who retired from parliament shortly after the expenses scandal, and is the 3rd Viscount Hailsham. Her mother, Sarah Hogg, now a baroness, headed John Major’s No 10 policy unit and then become the first woman to chair a FTSE 100 company.