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Miles succeeds Blanchflower on MPC

David Miles is set to take over from David Blanchflower as an external member of the Monetary Policy Committee.

The chancellor, Alistair Darling, announced the appointment today with Miles taking up the position from June 1 2009.

Professor Miles has been chief economist at Morgan Stanley since September 2004 and is also a visiting professor at Imperial College.

He is well-known for his review of the mortgage market “The UK Mortgage Market: Taking the Longer-Term View’ which was published alongside the Budget in 2004.

Alistair Darling, chancellor of the exchequer, says: “I am delighted that David Miles has agreed to join the MPC.

“His considerable experience analysing the interaction between financial markets and the economy will be extremely valuable to the committee.”

In a separate development, Tim Besley has decided not to seek reappointment to the MPC when his term expires on August 31.

He has chosen instead to focus on his academic career.

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