Hogg's Blue-Blooded Family Made Focus of BOE Confirmation

  • Questioned on banker brother as potential conflict of interest
  • Future deputy governor’s family have held roles in government

Charlotte Hogg’s family history proved a dominant theme at her Bank of England appointment hearing, with lawmakers praising her ancestors and highlighting potential conflicts of interest.

Members of Parliament’s Treasury Select Committee both lauded her grandfather and questioned whether her brother’s work for Barclays Plc compromised her views on financial regulation. Her father served in the Conservative governments of Margaret Thatcher and John Major, her mother was an adviser to Major, and her grandfather and great-grandfather were both lord chancellors, heading the judiciary.

Committee Chairman Andrew Tyrie began the questioning by saying he used to have lunch with Hogg’s grandfather. Later in the hearing, Conservative lawmaker Jacob Rees-Mogg said while he was at school at Eton, her ancestor addressed students in Greek at his invitation, an example Hogg jokingly declined to follow.

On her mother’s side, Hogg’s grandfather was John Boyd-Carpenter, a Conservative whose Parliamentary career began in 1945. On her father’s side, Quintin Hogg, also known as Baron Hailsham, was Lord Chancellor under Thatcher.

The family links also were the grounds for questions about conflicts of interest as Hogg’s brother is a director at Barclays. Hogg said she had always declared potential issues to the bank and is in “compliance with all the codes of conduct.”

“I don’t discuss work with him and he doesn’t discuss it with me. We mostly talk about his children,” she said.

Hogg, who will sit on the BOE’s Prudential Regulation Committee in her future role as deputy governor, said she would discuss the matter further with Carney and the central bank’s governing body. Pressed by Tyrie, she also said it’s a possibility that she would excuse herself from some discussions on Barclays.

“It’s not that I have any reason to disbelieve you,” Tyrie said. “We need these conflicts of interest not only not to exist, but to be seen not to exist.”

(Updates with comment from Tyrie in final paragraph.)
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