Minutes show rate vote was unanimous
Minutes of this month's meeting of the Bank of England's monetary
policy committee (MPC) have revealed that all nine members
supported the proposition to slash the base rate by 1.5 per
The publication showed that a larger cut of two per cent was also
However, members were concerned that this might send out the wrong
signal about the Bank's attitude to inflation, as the decision
predated the quarterly inflation report in which the expectations
of a rapid fall in the CPI rate were outlined.
Some members were also keen to keep the option of a further
reduction in reserve.
The news that a larger cut was under consideration may increase the
prospect that the MPC will trim the rate again soon, leading to
In a statement this morning before the minutes came out, the
National Association of Estate Agents called for another lowering
of the base rate.