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mpc: 10 less benign than a month ago, there were no clear implications for aggregate demand and inflationas these factors were offsetting. Second, the batch of monthly indicators was mixed, and overall itwas possible to view them as being mildly weaker rather than mildly stronger for demand andoutput. For example, some members attached greater weight to the recent weaker industrialproduction data and the manufacturing CIPS survey, which on this view were consistent withslowing output growth in line with the February central projection. Third, the Budget suggested atighter fiscal stance than previously anticipated by households and companies. Fourth, there weredownside risks to inflation, most notably of a sharp reversal in the recent rise in oil prices or a fallin the US stock market. Fifth, it made sense to wait and try to collect more information on the typeand nature of bonuses that were helping to push up average earnings growth. Also, further analysisof the possible differential effects of settlements and drift on prices and consumption was needed.Sixth, a rate rise now, by driving the pound even higher, would aggravate the external imbalanceand might increase the probability of a sudden fall in sterling that might thereby jeopardise theinflation target. Seventh, given that interest rates had increased by 100 basis points in four stepsover the past six months, it was sensible to wait and see how the economy reacted, particularly,given the short-term profile for inflation. 35 The Governor invited the members of the Committee to vote on the proposition that the Bank'srepo rate be maintained at 6.0%. The Committee voted unanimously in favour of the proposition. 36 The following members of the Committee were present: Eddie George, GovernorMervyn King, Deputy Governor responsible for monetary policyDavid Clementi, Deputy Governor responsible for financial stabilityWillem BuiterCharles GoodhartDeAnne JuliusIan PlenderleithJohn VickersSushil Wadhwani Gus O'Donnell was also present as the Treasury representative.