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The Bank minutes show that Jonathan Haskel and Michael Saunders believe the UK economy needed an interest rate cut now, to protect it from problems at home and abroad.
The pair, both external members of the committee, argued:
The economy had been a little softer than expected, and there was a modest but rising amount of spare capacity. Core inflation was subdued.
Employment growth was slowing and seemed likely to weaken further given trends in vacancies and firms’ hiring intentions. Downside risks remained to the MPC’s projections from a weaker world outlook and Brexit uncertainties.