UK parliamentary committee has serious misgivings about the new dep gov
- misled by Hogg on family connections albeit inadvertently
- Hogg's professional competence falls short of very high standards required to fulfil additional duties as dep gov for markets and banking
- Hogg's incident raises wider concerns about BOE transparency
- further reform by BOE court may be needed
- reasonable to conclude that multiple lapses in compliance with BOE code would have been material to work of committee's selection panel
I raised my own concerns at the time and again here noting both her body and verbal language when under fire on the issue.
Full TSC report here
Update 09.40 : Hogg resigns
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"Dear Mark and Anthony,
Last week I offered you my resignation in recognition of the fact that I made a mistake in not declaring my brother's work on the forms that the Bank requires. It has become clear to me that I should now insist. As I have said, I am very sorry for that mistake. 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. I have not shared confidential information or misused it in any way. I do not have any financial relationship with my brother and I am utterly committed to the safeguarding of confidential information and the separation of a home and work life. However, I recognise that being sorry is not enough.
We, as public servants, should not merely meet but exceed the standards we expect of others. Failure to do so risks undermining the public's trust in us, something we cannot let happen. Furthermore, my integrity has, I believe, never been questioned throughout my career. I cannot allow that to change now. I am therefore resigning from my position. I will, of course, work with you through any transition"
Hogg resigns amid allegations of misleading TSC
