Minutes of the MPC Meeting held on 5 and 6 August 1998

The Governor invited members of the Committee to vote on the proposition that the Bank’s repo rate be left unchanged this month. Seven members of the Committee (the Governor, Mervyn King, David Clementi, Alan Budd, Charles Goodhart, Ian Plenderleith and John Vickers) voted for the proposition, and two (Willem Buiter and DeAnne Julius) voted against. Willem Buiter preferred an immediate rise in interest rates and DeAnne Julius an immediate cut.

Minutes of the meeting