Today's Premiere features Professor David Miles
CBE from Imperial College here in London. As well as being an ex member of the Bank of England’s Monetary Policy Committee, Professor Miles has held positions in some of the world's most prestigious City institutions, including as Chief UK Economist for both Morgan Stanley Bank and Merrill Lynch London, and board member and Non Executive Director for The Financial Services Authority.
He is also a Member of the Council of Economic Advisors to Her Majesty's Treasury and was awarded a CBE in 2016 for his services to monetary policy.
With research interests spanning areas including housing, financial markets, financial stability and banking and the interactions between financial markets and the wider economy, Professor Miles is a man whose insights are much sought after and highly respected.
Many of you will be feeling understandably concerned by the impact lockdowns are having on the economy. With the prospect of time away from friends and family once more, the hospitality sector closing and other sectors of the economy being shuttered, the financial impact these extreme measures will have could be catastrophic.
It’s an anxious and frustrating time, which is why I was grateful to speak to Professor Miles to gain some much-needed clarity and wisdom on this unfolding narrative.
Why Lockdown 2.0 Could Plunge UK Into Double Dip Recession
During the recent crisis, Professor Miles produced a detailed report demonstrating that even if the first lockdown had saved 500,000 lives which was initially estimated by Professor Neil Ferguson also of Imperial College (a figure which David regarded as "absurd"), the costs were even greater than the value of the lives saved.
As more national lockdowns are imposed across the world, here in the UK the government continues to support the economy while restricting the freedoms of its citizens. With 25% of the country’s workforce being paid for by the government, an extended furlough scheme announcement and gloomy economic forecasts across a range of sectors, Professor Miles’ interests and expertise have never been more relevant.
We discuss what lies ahead, how we can prepare for the negative economic shock, and of course whether the harsh measures in place are the right thing to do in the circumstances.
Be sure to tune in, listen carefully and share this information with those around you that are equally concerned about the future. We need to take on board information from those in the know, to stick together and be prepared to play our part in getting the economy moving. These are important times.
