Minutes of the MPC Meeting held on 3 and 4 May 2006

The Governor invited the Committee to vote on the proposition that the repo rate should be maintained at 4.5%. Six members of the Committee (the Governor, Rachel Lomax, John Gieve, Kate Barker, Charles Bean and Paul Tucker) voted in favour of the proposition, and two (Stephen Nickell and David Walton) voted against. Stephen Nickell preferred an immediate cut in the Bank’s repo rate of 25 basis points, and David Walton preferred an immediate increase of 25 basis points.

Minutes of the meeting