The majority voted for a 1% cut as the industry grapples with the after-effects of the pre-Budget report and the implications of the Crosby review.
Chris May, director of Vision Network, thinks the rate cut may be even higher.
He says: “The MPC cut rates too late so I’m voting for a further 1.5% reduction as we are still playing catch-up.”
And Dev Malle, sales director at Personal Touch Financial Services, adds that a further cut will provide extra stimulus and momentum.
Only one member of the committee voted to hold rates at 3%.