BoE: Hogg resignation leaves MPC one vote short – HSBC

Elizabeth Martins, Economist at HSBC, notes that the Bank of England's Charlotte Hogg has resigned as the MPC's newest member and the deputy governor for markets and banking.

Key Quotes

“The news comes after an influential cross-party committee of MPs morning appeared to withdraw its support for her appointment, announced on 9th February. We assume this means she will not vote in this week's MPC meeting, leaving the committee one person short (though this will not be decisive, of course, with the committee expected to vote unanimously to leave policy unchanged). This leaves the BoE with another vacancy to fill, on top of the replacement for Kristin Forbes. We expect an announcement of the latter position in late April, and, at the same time, an extension of Chief Economist Andy Haldane's term on the committee.”