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mpc: 11 current real exchange rate. It was conceivable that a structural shift in economy-wide margins was underway, but there was not much evidence of this yet; for this reason some members preferred a higher central projection for inflation than the best collective projection. While there were tactical arguments in favour of delay, given that the balance of risks to inflation was on the upside, and given that the market was expecting a modest tightening later in the year, the better course was an immediate increase of 25 basis points. For some this was a finely balanced decision. 40 The Governor invited members to vote on the proposition that the Bank's repo rate be maintained at 6.0%. Five members of the Committee (the Governor, Christopher Allsopp, DeAnne Julius, Ian Plenderleith and Sushil Wadhwani) voted for the proposition. David Clementi, Mervyn King, Stephen Nickell and John Vickers voted against, preferring a rise in rates of 25 basis points. 41 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 AllsoppDeAnne JuliusStephen NickellIan PlenderleithJohn VickersSushil Wadhwani Andrew Turnbull was present as the Treasury representative.