BoE minutes reveal call for 1% cut

The sole rebel, David Blanchflower, called for a cut of 100 basis points to 1%. According to the minutes, Blanchflower argued the evidence pointed to a deep and prolonged recession, with the risks of delaying further cuts greater than those of cutting them too far. However, the rest of the committee disagreed, suggesting that as the market had priced for a 50 basis point cut, "either leaving Bank Rate unchanged this month, or implementing a larger-than-expected cut could damage confidence further in both financial markets and the real economy". Mortgage Solutions