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24 January 2012

David Miles re-appointed to Monetary Policy Committee

The Chancellor, George Osborne today announced the re-appointment of David Miles as an external member of the Monetary Policy Committee (MPC).

David Miles’ second term on the MPC will begin on 01 June 2012, and end on 31 May 2015.

The Chancellor said:

“David has been a very effective member of the MPC throughout his first term. His knowledge of the UK economy and background in the financial sector has proved invaluable through a challenging period.

I am very glad that David will continue on the MPC for a further term, and am confident that his expertise will remain an asset.”

Notes for editors

1. David Miles has been an external member of the Monetary Policy Committee since June 2009. He was appointed by the then Chancellor following an external appointment process. Prior to this role, he was Chief UK Economist and Managing Director of Morgan Stanley between 2004 and 2009. He was formerly Professor of Financial Economics at Imperial College, London, has worked at Merrill Lynch and has also been an academic at Birkbeck College.

2. In addition, David Miles has been an Economic Adviser to the Bank of England and specialist economic adviser to the Treasury Select Committee. He has a PhD from the University of London and a first-class honours degree from Oxford University.

3. The Monetary Policy Committee makes decisions about the operation of monetary policy. It comprises the Governor of the Bank of England, the two deputy Governors, two members of the Bank with responsibility in the Bank for monetary policy and market operations and four external members with relevant expertise who are appointed by the Chancellor. The appointment of external members is designed to ensure that the MPC benefits from thinking and expertise in addition to that gained inside the Bank of England.

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