The Governor invited members of the Committee to vote on the proposition that the Bank’s repo rate be cut by 50 basis points to 6.25%. Eight members of the Committee (the Governor, Mervyn King, David Clementi, Alan Budd, Charles Goodhart, DeAnne Julius, Ian Plenderleith and John Vickers) voted for the proposition. Willem Buiter voted against, preferring a cut of 75 basis points.
Published on
23 December 1998
Minutes of the meeting