Morgan Stanley economist new MPC member

Alistair Darling, the chancellor of the exchequer, announced on Thursday that David Miles will replace David Blanchflower as an external member of the Bank of England's Monetary Policy Committee (MPC) on 1 June.

Miles is the chief UK economist at Morgan Stanley and a visiting professor of financial economics at Imperial College, University of London. He was also appointed a non-executive director of the UK Financial Services Authority 1 April 2004 and worked for the Bank as an economist from 1