David Miles

He is a professor at Imperial College London, and was Chief UK Economist of Morgan Stanley bank from October 2004 to May 2009.

[5] In 2003 Miles produced a report for the British Chancellor of the Exchequer to examine why the long-term fixed rate mortgage market is not as popular a product in Britain as in other countries.

His 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".

Much of Miles's academic research has focused on housing, pensions, monetary policy, asset pricing and ways to make the financial system more stable.

[7] He concluded that the Basel III agreements on capital requirements for banks set the standard for equity at only about half its appropriate level.