Comments On The Resignation Of Charlotte Hogg of the Bank of England

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Tuesday, March 14, 2017 04.33 PM / UK Parliament Treasury Committee Chairman, Rt Hon. Andrew Tyrie MP

The Treasury Committee Chairman, Rt Hon. Andrew Tyrie MP, comments on the
Bank of England's announcement that Charlotte Hogg has resigned as Deputy Governor for Markets and Banking.

          Report: Appointment of Charlotte Hogg as Deputy Governor of the Bank of England: Second Report (PDF 347 KB)

         Inquiry: Appointment of the Deputy Governor for Markets and Banking

         Treasury Committee

Bank of England internal review
Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, said:

"This is a regrettable business with no winners. Ms Hogg has acted in the best interest of the institution for which she has been working. This is welcome.

It is also welcome that the Bank has responded immediately by announcing an internal review. The Bank's governance is already in much better shape than it was a few years ago. It is something to which the Governor and Court has been committed for some time. But there is clearly more to do.

The Treasury Committee will be examining the conclusions of this work in due course."

The report
The Committee published a follow-up report on the appointment of Charlotte Hogg as the Deputy Governor of the Bank of England. The report states that: "The Committee considered the evidence [Ms Hogg's letter (Description: PDF PDF 49 KB)] relevant to its original conclusion and decided to reconsider that conclusion in the light of the new evidence."

"The Committee has no reason to doubt that, with the exception of her failure to declare her brother's position at Barclays, and subsequent response to that failure, Ms Hogg's performance of her duties as Chief Operating Officer has been anything other than commendable. 

The Committee has not sought further evidence on that wider point. Nor is it, in this Report, giving a view about her continuation in this role. The Committee has decided, at this time, to consider only the proposed assumption of her new responsibilities as Deputy Governor, the purpose of the pre-appointment hearing."

Further information

         About Parliament: Select committees

         Visiting Parliament: Watch committees

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