David Miles has been appointed to succeed David Blanch flower as an external member on the Monetary Policy Committee (MPC). The appointment will take effect on 1 June 2009.
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.
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, says Chancellor of the Exchequer.
In a letter to the Chancellor, Tim Besley says:
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.
In his reply to Tim Besley, the Chancellor says:
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.
L.D.