The Minutes of Bank of England special Monetary Policy Committee Meeting revealed that the Committee voted unanimously in favour of the proposition to reduce the bank rate by 50 basis points as part of a co-ordinated easing in monetary policy. They commented that conditions in international credit and money markets had deteriorated very markedly over the course of the past month and also indicated that the prospects for demand growth in the UK’s main export markets had deteriorated markedly over the month. It is also noteworthy that Governor Mervyn King explicitly confirmed that the UK is now entering a recession, which opens doors for another rate cut.