Charlotte Hogg serves her final day at the Bank of England on Friday – leaving the possibility of a tied vote for the MPC

Jasper Jolly
Follow Jasper
Qatar Goodwood Festival 2016 - Day 3
Charlotte Hogg became the bank's deputy governor in February

Bank of England deputy governor Charlotte Hogg will leave the central bank on Friday less than two months after she handed in her resignation to governor Mark Carney.

Hogg decided to step down on 14 March after a report by the Treasury select committee questioned her competence for the deputy governor role over a failure to declare a conflict of interest.

She will give up membership of all committees, including the interest rate-setting Monetary Policy Committee (MPC), leaving it one member short for its next meeting unless the Bank announces a replacement.

Read more: Carney says Bank will learn from Charlotte Hogg fiasco

This means a tied vote on policy is theoretically possible on an eight-member committee. Governor Mark Carney will therefore have a deciding vote on monetary policy, although given the high level of consensus at recent meetings it is highly unlikely to be necessary.

Hogg was briefly one of the most powerful women in the Bank’s history. As well as being made deputy governor with responsibility for markets and banking in February, Hogg had served as the Bank’s first chief operating officer since 2013.

She was appointed as deputy governor of the Bank only in February, but doubts about her role emerged after questioning from the Treasury select committee revealed she had not declared her brother’s management role in Barclays, despite her job directly supervising the banking sector.

Read more: Charlotte Hogg quits as Bank of England deputy governor

While there was no suggestion of deliberate impropriety, the Treasury select committee said the oversight meant Hogg was not competent for the role.

Hogg’s resignation, which was opposed by Carney at first, means the MPC now only has one female member, the externally appointed Kristin Forbes. Forbes will leave the job to return to academia at the end of June.

Related articles