The 50 basis points cut in interest rates announced on October 8 was a unanimous decision, according to the minutes of the MPC meeting.
The minutes also revealed widespread agreement as to the medium term risks for inflation having diminished and the economic outlook having deteriorated sharply. Ben Read, managing economist at the cebr, said: "Mervyn King's speech in Leeds last night went further in indicating a loosening of monetary policy. He mentioned the 'R word' for the first time, finally getting on the same page as the rest of us. He stated that 'during the past month, the balance of risks to inflation in the medium term shifted decisively to the downside'." He continued: "Now, we can hope to see aggressive cuts...
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