At its latest (14th October) meeting, the IEAs Shadow Monetary Policy Committee (SMPC) voted overwhelmingly to cut Bank Rate by 0.5% from its current 4.5% level. Though the committee supported an immediate reduction in rates, several members expressed concern as to whether rate cuts on their own would have a significant affect on the real economy. It was suggested that other monetary implements should have been available to the Bank of England at an earlier stage and that the tripartite dismemberment of the Bank in 1997 was one cause of the problems facing the authorities. The Bank is trying hard to stave off a recession but its official REPO rate has apparently turned out to be unfit for purpose. However, most of the other potential policy implements, including funding policy, had been taken from the Bank in 1997.