News Release
MPC Membership
23 March 2006
Richard Lambert is to leave the Monetary Policy Committee of
the Bank of England with immediate effect following his decision
to accept a position that would represent a conflict of interest.
The guidelines under which the MPC operates provide that departing
members observe a 3 month purdah period during which they cannot
take up any post that represents a conflict of interest with
their role in setting interest rates. Mr Lambert and the Bank
have agreed that his new post does represent a conflict of interest.
Mr Lambert will not attend the MPC meetings in April and May.
Notes to Editors
Mr Lambert's three year term of office expires on 31 May 2006.
The MPC conflict of interest guidelines provide that MPC members
are paid their full Bank salary for 3 months after ceasing to
be voting members of the committee.
Questions about the timing of Mr Lambert's replacement should
be directed to the Treasury.
