The Governor invited members of the Committee to vote on the proposition that the Bank’s repo rate be cut by 25 basis points to 7.25% 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, preferring a larger cut in interest rates.
Published on
21 October 1998
Minutes of the meeting