David Miles to become top forecaster at UK fiscal watchdog

Professor David Miles has been appointed to one of the most influential roles in UK economic policy.

The Chancellor Rishi Sunak has nominated Professor Miles to become the economic expert of the three person Budget Responsibility Committee. The BRC was established by Act of Parliament to provide independent and authoritative analysis of the UK fiscal position.

Professor Miles, a former Bank of England monetary policymaker who is a Professor of Financial Economics at Imperial College Business School, has been appointed (subject to Parliamentary approval) to the BRC which heads up the Office for Budget Responsibility (OBR). The Budget Responsibility Committee has the task of assessing and reporting the sustainability of the UK’s public finances to Parliament.

Managing economic and fiscal forecasts 

The OBR oversees a team of 40 experts, mainly economists. They decide how much spending power the Chancellor has in the Budget, and how much tax needs to be raised.

The BRC has executive responsibility for the core functions of the OBR and is responsible for judgements reached in OBR economic and fiscal forecasts.

In his new role, Professor Miles would replace Sir Charles Bean, formerly Deputy Governor of the Bank of England. He will take up his position in January. He will continue his research and teaching at Imperial College Business School alongside his new position. 

"A highly respected economist, Professor Miles brings a variety of academic and professional expertise which will only strengthen the existing independent and authoritative analysis of the OBR." Rishi Sunak The Chancellor of the Exchequer

Commenting on his appointment, Professor Miles said: “I am delighted to accept this nomination and hope to contribute to the important work the OBR is undertaking. The UK’s fiscal position is challenging as the economy has been buffeted by exceptional shocks - the work of the OBR has never been more important. ”

The Chancellor of the Exchequer, Rishi Sunak said: "I am delighted to nominate Professor David Miles for appointment to the OBR’s Budget Responsibility Committee – a role that is a vital part of our commitment to strong public finances as we rebuild from the pandemic.

"A highly respected economist, Professor Miles brings a variety of academic and professional expertise which will only strengthen the existing independent and authoritative analysis of the OBR.

"I would also like to take this opportunity to thank Professor Sir Charles Bean for his exceptional service to HM Government during his time at the OBR. I would like to extend my gratitude for his work and wish him all the best for his future."

Professor Francisco Veloso, Dean of Imperial College Business School said: “Congratulations to David for his nomination to this prestigious role with the OBR. David is one of the UK’s leading economists and will bring a wealth of knowledge and experience to this important role. Through his new remit, he will further his important contribution to the Business School, reflecting our commitment to cutting edge research as well as broader societal engagement and impact.”

David Miles is Professor of Financial Economics at Imperial College Business School. His research focuses on policy issues connected with financial stability, the housing market and the setting of monetary policy. His work also explores the evolution of unfairness in the distribution of resources. Recent work includes an analysis of the state of the USS university pension scheme. Professor Miles served on the Bank of England’s Monetary Policy Committee from 2009 until 2015 and in 2016 he received a CBE for his services to monetary policy.