SEVEN members of the Bank of England's interest rate-setting committee voted for a cut in the rate of borrowing this month.
Weakening demand prompted the pre-emptive decision to reduce interest rates to a 48-year low of 3.75 per cent, the first time the bank has moved rates in 14 months.
According to minutes of the Monetary Policy Committee meeting, only Andrew Large and Paul Tucker voted against the cut, arguing that maintaining the rate at four per cent preserved the "maximum scope for action".
Weaker prospects for the world economy and further falls in share prices and business investment were cited as the main reasons for the rate cut.
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