The Governor invited members to vote on the proposition that the Bank’s repo rate should be reduced by 25 basis points to 5.25%. Eight members of the Committee (the Governor, Mervyn King, David Clementi, Christopher Allsopp, Charles Bean, DeAnne Julius, Stephen Nickell and Ian Plenderleith) voted for the proposition. Sushil Wadhwani voted against, preferring a reduction in the repo rate of 50 basis points.
Minutes of the meeting