Wednesday, February 20, 2008
Unanimity for lower rates at the Bank
Posted by David Smith at 03:30 PM
Category: Thoughts and responses

The Bank of England's monetary policy committee voted unanimously to cut rates earlier this month, the only "dissenter" being David Blanchflower, who voted to cut by half a point rather than a quarter. The Bank is clearly concerned about the downside risks to growth and the MPC clearly regarded the decision to cut as something of a no brainer. That must argue for further cuts, despite the cautious tone of the February inflation report. The minutes are here.