The Governor invited members of the Committee to vote on the proposition that the Bank’s repo rate be maintained at 7.50% 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 an immediate cut in interest rates.
Published on
14 October 1998
Minutes of the meeting