The Bank of England Monetary Policy Committee voted 9-0 to cut rates by 150 basis points on Nov 6, minutes of the meeting show. Although the MPC agreed the Inflation Report justified a cut of over 200bp, the MPC wanted to wait to assess new fiscal measures to be announced by the government before cutting more. The MPC also showed concern at the impact which too big a cut might have on financial markets, fearing it could lead to an excessive drop in sterling. The MPC decided it made sense to delay some of the needed rate cut in order to better explain the case for a large reduction. These minutes are consistent with at least a further 50bp rate cut at the Dec MPC meeting depending on the ambition of the Nov. 24 PBR.