The Governor invited members of the Committee to vote on the proposition that the Bank’s repo rate be reduced by 25 basis points to 5.25%. Eight members of the Committee (the Governor, Mervyn King, David Clementi, Alan Budd, Charles Goodhart, DeAnne Julius, Ian Plenderleith and John Vickers) voted for the proposition. Willem Buiter voted against, preferring a reduction of 50 basis points.
Published on
21 April 1999
Minutes of the meeting