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