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| Version 0 | Version 1 |
|---|---|
| Bank unanimous on cutting rates | Bank unanimous on cutting rates |
| (10 minutes later) | |
| All nine policymakers at the Bank of England voted to cut UK interest rates to 5.5% from 5.75% earlier this month, minutes show. | All nine policymakers at the Bank of England voted to cut UK interest rates to 5.5% from 5.75% earlier this month, minutes show. |
| Policymakers also discussed whether slowing economic growth meant a bigger rate cut might be needed. | Policymakers also discussed whether slowing economic growth meant a bigger rate cut might be needed. |
| Analysts said the unanimous vote could boost expectations of another interest rate cut in January. | |
| Economists had thought that two or three members of the Monetary Policy Committee would have opposed the cut. | Economists had thought that two or three members of the Monetary Policy Committee would have opposed the cut. |
| On 6 December, the Bank cut the cost of borrowing for the first time since August 2005 in a bid to combat slower economic growth and the impact of an ongoing global credit squeeze. | |
| "With the MPC voting unanimously in favour of easing, a back-to-back cut should be on the cards at the January MPC meeting," said David Brown, an economist at Bear Stearns. | |
| "It looks like deepening concerns about the contagion risks from the credit crunch have superseded their fears about inflation." | |
| This was the first time policymakers were united in their decision to lower rates since November 2001. |