U.K. Chancellor George Osborne on Tuesday announced the appointment of Gertjan Vlieghe as external member of Bank of England’s rate-setting committee.

Vlieghe replaces David Miles whose term ends in August. Vlieghe will be appointed for an initial three-year term which will take effect from September 1.

As an external member, Vlieghe will hold one of nine votes to decide the future path of monetary policy.

Osborne said, “Vlieghe is an economist of outstanding ability who brings experience from his time at both the Bank of England and the financial services industry to the role and will be a strong addition to the MPC.”

Vlieghe had earlier worked at the BoE for seven years where he became economic assistant to Governor Mervyn King. He received PhD from the London School of Economics where his dissertation focused on monetary policy, asset prices and credit market imperfections.

External members are appointed to ensure that the monetary policy committee benefits from thinking and expertise in addition to that gained inside the BoE.

Miles was first appointed to the MPC in June 2009 and his term was extended further for three years.

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