Minutes of the MPC Meeting held on 4 and 5 February 1998

The Governor invited members of the Committee to vote on the proposition that the Bank’s repo rate be left unchanged this month. On the balance of the arguments set out in paragraphs 24-28, four members of the Committee (the Governor, David Clementi, DeAnne Julius and Ian Plenderleith) voted for the proposition, and four (Alan Budd, Willem Buiter, Charles Goodhart and Mervyn King) voted against, preferring an immediate increase in interest rates. The Governor exercised his casting vote in favour of the proposition and the repo rate was thus left unchanged.

Minutes of the meeting