The Governor invited members of the Committee to vote on the proposition that the Bank’s repo rate be increased by 25 basis points, the change to be announced immediately. Eight Committee members (The Governor, Mervyn King, David Clementi, Alan Budd, Willem Buiter, Charles Goodhart, Ian Plenderleith and John Vickers) voted for the proposition. One member (DeAnne Julius) voted against, preferring an immediate cut.
Published on
15 July 1998
Minutes of the meeting