Monetary policy should be recalibrated: BoE’s Miles


David Miles, an external member of the Bank of England's Monetary Policy Committee, on Tuesday said monetary policy in the UK may need to recalibrate to better reflect changes in the mortgage market.

At the Northern Housing Consortium in York, Miles said the financial crisis had transformed the UK housing and mortgage markets, with many first-time buyers forced to postpone their purchases in order to save for a larger deposit.

He said this need for equity lowers the rate of owner-occupation and

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