A LEADING Scots economist has spoken of his hope to "try to live a better life" after taking a five-month sabbatical from an influential City think-tank amid allegations he was seen smoking crack cocaine in a north London drug den.

The Centre for Economic and Business Research (CEBR) announced that its executive chairman Professor Douglas McWilliams was to take the step down in the wake of the allegations.

Prof McWilliams, who describes himself as an expat Scot with a family home in East Lothian stressed that he had not admitted the behaviour alleged. And he pointed out that the allegation was that he had taken part in "occasional binges" rather than daily drug use.

He acknowledged he had "issues" in his personal life that he needed to address, and admitted that his professional ambitions may have contributed to a failure to keep his private life "in balance".

Under Prof McWilliams's leadership, the CEBR has offered advice to all the major political parties, though the think tank stressed that neither he nor any other member of staff had met or spoken to George Osborne since he became Chancellor.

Commenting on his alleged presence at a venue used for drug taking, Prof McWilliams replied: "I haven't admitted I've been there."

"This has happened. I wish it hadn't happened, but when these things happen, all you can do is try to live a better life in future and try to address issues that have been drawn attention to," he said.

"The allegations about me are not about things that I do every day. The allegations are about things which have been described as occasional binges and that is what has been said about me."

He said he would have liked to have taken "time off" to address his issues some time ago, but had been unable to because of work commitments.

"Fortunately, my business is now doing so well that I can afford to take time out and that's what I intend to do," he said.

"I want to try to make sure that when I come back, the sorts of things that have been in the press are unlikely to be things that people say about me.

"I probably tried to do too many things at the same time. A lesson for the future is to try to be slightly less ambitious so that one can concentrate on keeping one's personal life better in balance with one's work life."

"I want to try to make sure that when I come back, the sorts of things that have been in the press are unlikely to be things that people say about me."

A CEBR spokesman said: "Mr McWilliams plans to take a sabbatical and to return to full-time work at CEBR on August 1, 2015.

"Meanwhile he plans to fulfil all speaking engagements that he has accepted."