UK MPC voted unaminously for Feb rate cut-minutes

- Central Banking staff
- 21 Feb 2001

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Minutes of the UK Monetary Policy Committee meeting in early February 2001 showed all nine members backed the cut to 5.75 percent, with some seeing a case for a half point reduction in borrowing costs. In the minutes published on Feb 21, the MPC said they worried about slower demand overseas and inflation which has fallen well below a government-set 2.5 percent target.

The rate cut in February was the first for almost two years, following rate cuts by the U.S. Federal Reserve in response to a

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