And finally…oh brother

Ms Hogg has been facing calls to resign after only last week telling MPs that she had accurately declared all conflicts of interest.

However, she failed to tell them of her brother’s position at Barclays, one of the banks she will be overseeing.

Ms Hogg, who has been touted as a possible successor to Bank governor Mark Carney, told the committee at a hearing last week she always declared areas of conflicts of interests and was compliant with all of the Bank’s codes of conduct because she helped to write them.

But in a letter to the Treasury Select Committee, Charlotte Hogg has been forced to make a humiliating apology for not formally disclosing her brother was the banking giant’s director of group strategy, which could conflict with her work on the Prudential Regulation Committee (PRC).

Ms Hogg, who has worked at the Bank since 2013, did not declare her brother’s role, which is in Barclays’ strategy office, until she submitted documentation to MPs, who last week reviewed her appointment as deputy governor for banking.

Treasury committee member, John Mann, said: “It is simply incredible that such a senior person at the Bank of England has behaved in this manner.

“Last week Charlotte Hogg proudly told this committee that she actually wrote the Bank’s code of conduct which she has now admitted to repeatedly breaking.”

Ms Hogg’s letter, sent last week, but only revealed on Tuesday: “I should have formally declared my brother’s role when I first joined the Bank. I did not do so and I take full responsibility for this oversight.”

She said she would ask the Bank’s Monetary Policy Committee, Financial Policy Committee and Prudential Regulation Committee, on which she now sits, to review if further steps were needed to manage the potential conflict of interest.

Employees of the Bank of England must declare personal relationships, sign up to a code of practice, and step back from decisions where there is a conflict.