27 February 2014
Venue: TBD - Disclosed when event attendance confirmed.
Mile End Group 103: Uncertainty And The Transition To A New Normal For Monetary Policy by David Miles.
As a second term member of the Monetary Policy Committee (MPC) of the Bank of England (BoE) – the nine member body which meets every month to set UK interest rates – Professor David Miles is ideally placed to comment upon the debate surrounding present and future BoE monetary policy.
Professor Miles has been a member of the MPC since 2009. Prior to that he was Chief UK Economist at Morgan Stanley from October 2004 to May 2009. In addition to his current role he is a professor at Imperial College, London where he was formerly head of the Financial Economics department. Re-appointed to the MPC by the Chancellor of the Exchequer in February 2012, his second term will run until May 2015.
On the 11 February 2014 Sir John Gieve, a former Bank of England deputy governor, suggested interest rates would be raised in the near future, adding: “These are emergency rates of monetary policy, we should be expecting them to normalise over a period.” A day later, the Bank’s current governor, Mark Carney, signalled the opposite. Britain’s recovery is “as yet neither balanced or sustainable” and therefore interest rates are likely to be held at 0.5% for at least another year, despite recently revising its 2014 growth forecasts up to 3.4%.
David Miles’s lecture is sure to be of crucial interest to students, business people, journalists and academics.
A drinks reception will follow the lecture.
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