Late in the day, the Bank of England has just slipped out a press release revealing that one member of the new Financial Policy Committee has decided not to take the job.
Richard Lambert, former head of the CBI employers’ organisation and editor of the Financial Times, says the post would cramp his stlye:
“Since leaving the CBI I have spent a period away from work and on reflection I have decided, with great regret, that I do not wish to take up my position as an external member of the Bank of England’s interim Financial Policy Committee. I wish to devote my time to a wider range of aspects of public policy. And membership of the committee could place constraints on my ability to do so. Mervyn King, the Governor ofthe Bank, has been very understanding about my change of plans. I wish the committee every success inthe important work which lies ahead of it.”