London - Bank of England Deputy Governor, Charlotte Hogg, is set to leave
the bank this week, which probably means the Monetary Policy Committee will be
one member short for its next meeting.
Hogg, who is also chief operating officer, will serve her
final day on Friday. She announced her resignation last month, within weeks of
being appointed as deputy governor, after failing to inform the BOE that her
brother works for Barclays Plc, which the central bank is partly responsible
for regulating. Her end-date was earlier reported by the Telegraph newspaper
and confirmed by the bank.
Unless it’s decided to keep one individual performing both
roles, Hogg’s departure leaves the BOE and the UK Treasury with two positions
to fill COO and an MPC member. They will also shortly have to fill another MPC
post because Kristin Forbes will leave in June instead of seeking a renewal of
her three-year term.
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Hogg’s resignation could mean the nine-person committee is
short a member unless an appointment is made before the May 11 policy decision.
But it wouldn’t be the first time this has happened. In 2010, there was a short
gap between the departure of Kate Barker and the appointment of her
replacement, Martin Weale.
BLOOMBERG