Sir Richard Lambert will not take place on Bank committee

Former director general of CBI decides not to take up position on body tasked with preventing future credit bubbles

Sir Richard Lambert, the former director general of the CBI, has decided not to take up his position on the Bank of England's new financial policy committee. Lambert's membership was only announced in February but, in a statement, he said: "I wish to devote my time to a wider range of public policy. Membership of the committee could place constraints on my ability to do so." The committee is tasked with preventing future credit bubbles.

Mervyn King, the Bank's governor, said, "Sir Richard's breadth of knowledge will be missed. I fully understand and respect his reason for deciding not to take up his place."