David Miles
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| David Miles | |
|---|---|
| Member of the Monetary Policy Committee | |
| Assumed office June 2009 |
|
| Governor | Mervyn King (2003–2013) Mark Carney (2013-present) |
| Personal details | |
| Profession | Economist |
David Kenneth Miles CBE (born 1959[1]) is a British economist. Born in Swansea, he has spent his working life in London, in teaching, business and the public sector. He is a Professor at Imperial College London, and was Chief UK Economist of Morgan Stanley bank from October 2004 to May 2009. He was appointed to the Bank of England's interest-rate-setting Monetary Policy Committee (MPC) from June 2009 to June 2012 [2] and again from June 2012 - this term will run to 2015. According to the Bank of England, "As an economist he has focused on the interaction between financial markets and the wider economy."[3]
Miles was born in 1959, and was educated at the Bishop Gore School in Swansea, University College, Oxford, Nuffield College, Oxford, and the London School of Economics.[4]
In 2003 Miles produced a report for the British Chancellor of the Exchequer to examine why the long-term fixed rate mortgage market is not as popular a product in Britain as in other countries. His report states: "A great many borrowers focus on the initial cost of debt and do not seem to consider carefully how those payments might change relative to their incomes". Much of Miles's academic research has focused on housing, pensions, monetary policy, asset pricing and ways to make the financial system more stable.
From 2004 to 2009 Miles was Chief UK Economist of Morgan Stanley bank.
Miles predicted a substantial fall in real house prices in November 2006.[5]
In 2009 he was asked, along with Gerald Holtham and Professor Berndt Spahn, to serve on a Commission established by the Welsh Assembly Government to investigate the scope for the Welsh Assembly to have greater fiscal autonomy. The Holtham Commission reported in July 2010.
From June 2009 to June 2012 Miles served on the Bank of England's Monetary Policy Committee. In 2011 he published a detailed study of the appropriate balance sheet structure of banks to avoid a repeat of the financial crisis ("Optimal Bank Capital"). [6] He concluded that the Basel III agreements on capital requirements for banks set the standard for equity at only about half its appropriate level. In 2012 he began a second term with the Monetary Policy Committee.
He was appointed Commander of the Order of the British Empire (CBE) in the 2016 New Year Honours for services to monetary policy.[7]
A keen scrum half in his youth, Miles also gained fame as the top try scorer in the South Wales regional league season 1976-77.
Bibliography
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References
- ↑ Debrett's
- ↑ The Guardian, 19 March 2009, Miles to replace Blanchflower on Bank of England monetary policy committee
- ↑ Bank of England, Professor David Miles: Monetary Policy Committee Member, accessed 15 July 2009
- ↑ Morgan Stanley,Global Economic Forum Team
- ↑ BBC, 22 November 2006, House prices 'set for slowdown'
- ↑ "Optimal Bank Capital" http://www.bankofengland.co.uk/research/Documents/externalmpcpapers/extmpcpaper0031.pdf
- ↑ The London Gazette: (Supplement) no. 61450. p. N9. 30 December 2015.
External links
- Miles Report: Part 1
- Miles Report: Part 2
- Miles Report: Part 3
- Call for more long-term mortgages BBC News, December 9, 2003
| The Bank of England's Monetary Policy Committee | ||
|---|---|---|
 |
||
| Governor: Mervyn King (July 2003 – July 2013) | ||
| June 2009 – August 2009: | King | Bean | Barker | Tucker | Besley | Sentance | Dale | Fisher | Miles | |
| September 2009 – July 2010: | King | Bean | Barker | Tucker | Sentance | Dale | Fisher | Miles | Posen | |
| August 2010 – May 2011: | King | Bean | Tucker | Sentance | Dale | Fisher | Miles | Posen | Weale | |
| June 2011 – August 2012: | King | Bean | Tucker | Dale | Fisher | Miles | Posen | Weale | Broadbent | |
| September 2012 – June 2013: | King | Bean | Tucker | Dale | Fisher | Miles | McCafferty | Weale | Broadbent | |
| Governor: Mark Carney (July 2013 – present) | ||
| July 2013 – October 2013: | Carney | Bean | Tucker | Dale | Fisher | Miles | McCafferty | Weale | Broadbent | |
| November 2013 – May 2014: | Carney | Bean | Cunliffe | Dale | Fisher | Miles | McCafferty | Weale | Broadbent | |
| June 2014: | Carney | Bean | Cunliffe | Haldane | Fisher | Miles | McCafferty | Weale | Broadbent | |
| July 2014: | Carney | Broadbent | Cunliffe | Haldane | Fisher | Miles | McCafferty | Weale | Forbes | |
| August 2014 – August 2015: | Carney | Broadbent | Cunliffe | Haldane | Shafik | Miles | McCafferty | Weale | Forbes | |
