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DAILY TELEGRAPH Debt crisis: live - Tue, 22 May 2012 08:14:42 GMT
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MPC member favoured half-point cut
Voting was split 8-1 in favour of cutting rates by 0.25 per cent in February, however one Monetary Policy Committee (MPC) member believed a 0.5 per cent reduction was necessary.
According to the Bank of England's minutes for the meeting, David Blanchflower believed that 'more weight should be placed on the risk of a very sharp slowdown in UK growth,' drawing far more similarities between the US and the UK.
He believed a half-point cut would serve to be sufficient 'precautionary' action.
The rest of the Committee however felt that the likelihood of 'spare capacity' within the national economy would help push inflation rates back below the Bank's 2 per cent target, albeit towards the end of the year.
Over the short-term the MPC conceded that inflation would continue to grow due to increasing pressure from hikes in food and fuel prices.
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