Lambert quits regulator role

SIR RICHARD Lambert, the former director-general of the Confederation of British Industry, has walked away from his new role with Britain’s top financial policy unit – before he’s even had his first meeting.

Sir Richard quit the new Financial Policy Committee of the Bank of England yesterday.

He had been viewed as a key high-profile member of the panel and his departure could prove to be a stumbling block for chancellor George Osborne’s flagship financial regulation reforms.

“I have decided, with great regret, that I do not wish to take up my position,” Sir Richard said. “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.”

Sir Richard, also a former member of the Bank’s rate-setting monetary policy committee, was one of four external members of the committee named in February.

“It’s a real shame to lose someone of Richard’s talent and expertise,” a Treasury source said.

“He wants a wide rein. If he’s on the policy committee, there are relatively strict constraints. He can’t keep up with his media commentariat academic role,” the source added.