David Miles
Encyclopedia
David Miles is a British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

 economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...

. He is a Visiting Professor at Imperial College London
Imperial College London
Imperial College London is a public research university located in London, United Kingdom, specialising in science, engineering, business and medicine...

 and former Chief UK Economist of Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....

 (October 2004 to May 2009). He was appointed to the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

's interest rate-setting Monetary Policy Committee
Monetary Policy Committee
The Monetary Policy Committee is a committee of the Bank of England, which meets for two and a half days every month to decide the official interest rate in the United Kingdom . It is also responsible for directing other aspects of the government's monetary policy framework, such as quantitative...

 (MPC) from June 2009 to June 2012.

"As an economist he has focused on the interaction between financial markets and the wider economy." In 2003 he produced a report for the Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...

 to examine why the long-term fixed rate mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...

 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".

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

Miles was educated at the Ysgol Gruffydd Jones School, Bishop Gore School
Bishop Gore School
The Bishop Gore School is a secondary school in Swansea in south Wales, founded on 14 September 1682 by Hugh Gore , Bishop of Waterford and Lismore...

, Swansea, University College
University College, Oxford
.University College , is a constituent college of the University of Oxford in England. As of 2009 the college had an estimated financial endowment of £110m...

 Oxford
Oxford
The city of Oxford is the county town of Oxfordshire, England. The city, made prominent by its medieval university, has a population of just under 165,000, with 153,900 living within the district boundary. It lies about 50 miles north-west of London. The rivers Cherwell and Thames run through...

 and the London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...

.

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