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Gordon Brown's former adviser takes seat on MPC

In a move which is sure to prompt accusations of favouritism it has been revealed that one of Gordon Brown's former advisers would fill the seat left by David Blanchflower when he leaves his position with the Bank of England MPC. The Monetary Policy Committee is a very powerful group which effectively sets UK interest rates and considers a wide range of financial actions.

David Blanchflower has long been a thorn in the UK government's side with his constant suggestions that the UK was falling into a deep recession and that UK base rates needed to be slashed in the short term. While he has been ridiculed along the way he can now hold his head high and confirm that "he told them so" as the UK economy heads for the worst fall in living memory. David Miles, Gordon Brown's former adviser, will take the seat vacated by David Blanchflower as had been expected by many in the city.

However there could be some controversy regarding the appointment of Prof Miles as among many of his positions in the financial world he was a non-executive director of the Financial Services Authority, which is taking significant flak from all areas of the UK business and investment arena.

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