May 12 (Bloomberg) -- Richard Lambert won’t take up his place on the Bank of England’s Financial Policy Committee, which is scheduled to hold its first meeting in a month.
“I wish to devote my time to a wider range of aspects of public policy,” Lambert said in a statement issued by the central bank in London today. “Membership of the committee could place constraints on my ability to do so.”
The government established the panel to help prevent a repeat of the financial crisis, and will operate on an interim basis alongside the Monetary Policy Committee. The first meeting is scheduled for June 16 and Bank of England Governor Mervyn King will chair a press conference on June 24.
King said Lambert’s “breadth of knowledge” will be missed by the committee. Chancellor of the Exchequer George Osborne will appoint a replacement “in due course,” the bank said.
Lambert, a former director general of the Confederation of British Industry, the U.K.’s biggest business lobby, had been appointed in February to the panel by Osborne. Former Federal Reserve Vice Chairman Donald Kohn, former Deutsche Bank AG official Michael Cohrs and former Bank of England director Alastair Clark were also appointed at the same time.
They join five Bank of England officials including King plus Adair Turner and Hector Sants of the Financial Services Authority.
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