The appointment will take effect on June 1 2009. Professor Miles has been chief economist at Morgan Stanley since September 2004 and is also a visiting professor at Imperial College.
Chancellor Alistair Darling says: “I am delighted that David Miles has agreed to join the Monetary Policy Committee. His considerable experience analysing the interaction between financial markets and the economy will be extremely valuable to the Committee.”
MPC member Tim Besley has announced that he is not seeking reappointment to the committee when his term expires on August 31 2009. His position on the MPC will be advertised shortly.
Besley said In a letter to the Chancellor: “While I have greatly valued the experience thus far, I have decided not to pursue an additional three-year term on the MPC so that I can concentrate on my academic career.”
Darlign replied: “I would like to take this opportunity to thank you for your major contribution to the work of the committee since 2006. It is extremely important that that the committee contains a range of experts that energetically put forward challenging analysis and views to help shape the debate.”