David Miles, born in 1959, is a British economist. He was born in Swansea and has worked in sectors such as education, business, and public services throughout his life, living in London. He currently serves as a professor at Imperial College London. He served as Chief Economist for Morgan Stanley in the UK from October 2004 to May 2009. From June 2009 to June 2012, and then from June 2012 to August 31, 2015, he served on the Monetary Policy Committee (MPC) of the Bank of England, which sets interest rates in the UK.
As an economist, he has focused on the relation between financial markets and the wider economy. He joined the main board of the Central Bank of Ireland in December 2020. In December 2021, he was appointed to the Office for Budget Responsibility (OBR) and began this role in January 2022. David Miles continues to work as a professor at Imperial College London. If you want to learn more about him, you can check out the subheadings in this article on Zatrun.com.
Who is David Miles?
David Miles was born in Swansea in 1959 and completed his education at Oxford, Nuffield College, and the London School of Economics. In 2003, Miles prepared a report for the UK Treasury to examine why long-term fixed-rate mortgages were less popular in the UK than in other countries.
In his report, he noted that “many borrowers focus on the starting cost of their debt and do not think carefully about how these payments might change with their income.” In his academic research, he has focused on housing, retirement, monetary policy, asset pricing, and ways to make the financial system more stable.
From 2004 to 2009, David Miles served as Chief UK Economist for Morgan Stanley. In November 2006, Miles predicted a significant drop in real estate prices. In 2009, he was appointed to a commission established by the Scottish government, along with Gerald Holtham and Professor Berndt Spahn. This commission involved work on the possibility of having greater financial autonomy. The Holtham Commission published its report in July 2010.
His Other Achievements
David Miles served on the Bank of England’s Monetary Policy Committee from June 2009 to August 2015. During the same period, he published a report titled “Optimal Bank Capital,” which examined the appropriate balance sheet structure for banks to prevent financial crises. In the report, he concluded that the Basel III agreements set only half of the required capital levels for banks.
Additionally, he served as President of the economics section of the British Science Association in 2015. Miles was awarded the Order of the British Empire (CBE) for his contributions to monetary policy in 2016. At the same year, he was appointed to advise the UK government on the measurement and reporting of government bond yields. He completed this report in October 2016.
Miles also served as Chairman of the Board of the Institute for Fiscal Studies until December 2021 and then began his role at the OBR. He is also a member of the board of trustees of the Centre for Economic Policy Research.