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mpc: 12 outlook. It seemed more likely that instability in the oil market could persist and could be associated with equity market weakness. The euro area remained vulnerable to a further oil shock, with more fragile demand and greater current inflationary pressures than were faced in the UK. Though the UK economy was well-placed to weather a further shock, confidence had already been shaken here too. So the downside risk was larger than it had been a month ago. 30 The Governor invited members to vote on the proposition that the Bank's repo rate be maintained at 6.0%. The Committee voted unanimously in favour of the proposition. 31 The following members of the Committee were present: Eddie George, GovernorMervyn King, Deputy Governor responsible for monetary policyDavid Clementi, Deputy Governor responsible for financial stabilityChristopher AllsoppCharles BeanDeAnne JuliusStephen NickellIan PlenderleithSushil Wadhwani Gus O'Donnell was present as the Treasury representative.