The Governor invited members to vote on the proposition that the Bank’s repo rate should be reduced by 25 basis points to 4.75%. Seven members of the Committee (the Governor, Mervyn King, David Clementi, Kate Barker, Charles Bean, Stephen Nickell and Ian Plenderleith) voted in favour. Christopher Allsopp and Sushil Wadhwani voted against, preferring a reduction in the repo rate of 50 basis points.
Minutes of the meeting