David Miles

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David Miles
Member of the Monetary Policy Committee
Assumed office
June 2009
Governor Mervyn King
Personal details
Profession Economist

David Kenneth Miles (born 1959[1]) is a British economist. He is a Professor at Imperial College London and former Chief UK Economist of Morgan Stanley (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] Miles was appointed for a second term to the MPC in June 2012 and this term will run to 2015.

"As an economist he has focused on the interaction between financial markets and the wider economy."[3] In 2003 he produced a report for the Chancellor of the Exchequer to examine why the long-term fixed rate mortgage market is not as popular a product in the UK as in other countries. The 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 his academic research has focused on housing, pensions, monetary policy, asset pricing and ways to make the financial system more stable. He has split his working life between academe, the City and the public sector.

Miles predicted a substantial fall in real house prices in November 2006.[4] 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.

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"). [5] He concluded that the Basel III agreements on capital requirements for banks set the standard for equity at only about half its appropriate level.

Miles was educated at the Bishop Gore School in Swansea, University College, Oxford, Nuffield College, Oxford, and the London School of Economics.[6]

A keen scrum half in his youth, Miles has also gained fame as the top try scorer in the south Wales regional league season 1976-77 season.


  • "Macroeconomics: Understanding the Global Economy" with Andrew Scott and Francis Breedon, John Wiley, 2012.
  • "Macroeconomics: Understanding the Wealth of Nations" with Andrew Scott, John Wiley, first edition August 2001, second edition 2005.
  • "The Economics of Public Spending", Oxford University Press 2003, Edited by D Miles, G Myles and I Preston
  • "Housing, Financial Markets and the Wider Economy", John Wiley, November 1994


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