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Bank of England deputy Charlotte Hogg resigns her post Bank of England deputy Charlotte Hogg resigns her post
(35 minutes later)
Charlotte Hogg, who was about to become the Bank of England's deputy governor for markets and banking, has resigned from the Bank after failing to disclose her family connections.Charlotte Hogg, who was about to become the Bank of England's deputy governor for markets and banking, has resigned from the Bank after failing to disclose her family connections.
She had worked for the bank for several years without mentioning this. While being questioned over her appointment by MPs, she told them her brother had a senior role at Barclays.
While being approved for the job by MPs she told them her brother had a senior role at Barclays. She had worked for the Bank for several years without mentioning this.
The Bank's code of conduct, which she helped to draw up, states employees must declare such connections.The Bank's code of conduct, which she helped to draw up, states employees must declare such connections.
MPs on the Treasury Committee said she "fell short of the very high standards" required. MPs on the Treasury Committee said she "fell short of the very high standards" required and the committee said it had "set aside" its approval of her appointment.
The Committee said it had "set aside" its approval of Ms Hogg's appointment. Despite her resignation, she will take part in this week's interest rate setting decision on the Monetary Policy Committee. It will be her first and last time.
Minutes after the MPs' report was released the Bank announced her resignation. 'Honest mistake'
Bank Governor Mark Carney said: "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." Minutes after the Treasury Committee released its comments the Bank announced Ms Hogg's resignation.
Bank governor Mark Carney said: "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."
In her resignation letter, Ms Hogg said she was very sorry for not declaring her brother's role.In her resignation letter, Ms Hogg said she was very sorry for not declaring her brother's role.
"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."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." "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."