The appointment, which was made in accordance with the new process for external MPC appointments announced by the Chancellor in June 2008, will take effect on 1 June 2009.
The Chancellor said: “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.”
Separately, Tim Besley has announced that he is not seeking reappointment to the MPC when his term expires on 31 August 2009. His position on the MPC will be advertised shortly.
