Charlotte Hogg, Deputy Governor of the Bank of England, resigned after a report from MPs announced that her competence ‘falls short of the very high standards required to fulfil the […] responsibilities.’

Whilst being questioned about her appointment by MPs, Ms Hogg stated that her brother had a senior role at Barclays. She had worked at the Bank of England for several years without disclosing this information.

The Bank’s code of conduct, which Hogg helped to compose, insists that employees must declare such connections. MP Wes Streeting, who is a member of the treasury committee, told City News that Ms. Hogg has definitely made the right decision.