The Governor invited members of the Committee to vote on the proposition that the Bank’s repo rate be cut by 0.25% to 6.0%. Seven members of the Committee (the Governor, Mervyn King, David Clementi, Alan Budd, Willem Buiter, Charles Goodhart and John Vickers) 8 voted for the proposition, and two (DeAnne Julius and Ian Plenderleith) voted against. DeAnne Julius preferred an immediate cut of 0.50%, and Ian Plenderleith preferred to maintain the Bank’s repo rate at 6.25%.
Published on
20 January 1999
Minutes of the meeting