Lincolnshire

Lincolnshire Bank of England deputy governor resigns after breaking code of conduct

Deputy governor of the Bank of England Charlotte Hogg has stepped down from her role after breaking the Bank’s code of conduct.

Hogg resigned after failing to disclose a possible conflict of interest involving her brother, who works at Barclays.

This was highlighted by the Treasury Committee, where MPs suggested Hogg had fallen short of the ‘highest standards’ required for the role.

Hogg had been the Bank’s chief operating officer since 2013 and became deputy governor just days before her resignation.

She grew up in Kettlethorpe Hall, which hit the national headlines when her father, the former Sleaford and North Hykeham MP Douglas Hogg, submitted over £2,000 in expenses to clean his moat.

Her mother, Sarah Hogg, also led John Major’s policy unit.

Mark Carney, governor of the Bank of England, 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.

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

“Drawing on her extensive private sector experience and her unrelenting commitment to excellence, she has led a broad range of initiatives to build a more open and inclusive institution, to overhaul our IT systems, and to change fundamentally how the Bank develops, manages and rewards its dedicated public servants.

“The combination of Charlotte’s unique skills and drive were exceptionally well suited to lead similar transformations of our markets and banking responsibilities, particularly given the growing importance of FinTech, operational excellence and the management of cyber risk.”