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 29-31, a majority of the Committee (comprising the Governor, David Clementi, DeAnne Julius, Mervyn King and Ian Plenderleith) voted for the proposition, and a minority (comprising Alan Budd, Willem Buiter and Charles Goodhart) voted against, preferring an immediate increase in interest rates. The repo rate was thus left unchanged.
Published on
11 February 1998
Minutes of the meeting