BOE Minutes Reveal Blanchflower Voted For 100bps Cut

The release of the minutes of the Bank of England's Jan 8 meeting revealed that David Blanchflower voted for a interest rate cut of a full one percent.

The vote was split 8-1, with Blanchflower the only dissenter, the rest of the panel voting for a cut of a half point.

A half point cut could still have a "significant effect on the income of many businesses and households," according to the minutes.

It was also mentioned that a more aggressive stance, as favoured by Blanchflower, might spook the markets, damaging the economy further.