Sterling fell sharply against the dollar on Wednesday morning with the minutes from Bank of England's (BoE) latest rate-setting meeting showing that members remain split on the future path of interest rates in the U.K.
Two members of the central bank's Monetary Policy Committee (MPC) again voted for an interest rate hike in October. Martin Weale and Ian McCafferty were the two to vote for the move, with the economists widely viewed as the most hawkish members at the central bank.
Both voted in favor of raising rates by 0.25 basis points, as they did back in August, according to minutes released on Wednesday morning.
With the lack of change at the Bank, sterling sold off after the news with a drop to 1.6024 against the greenback after starting the session at 1.6110. Yields on the U.K.'s 10-year sovereign bond also eased.
Many economists are still expecting a rate rise at some point in 2015, although Ben Brettell, senior economist at Hargreaves Lansdown predicts that it will not happen until the latter part of the year.
"Given the deterioration we have seen in economic conditions, it is perhaps surprising they didn't cross the fence and join the majority voting to hold rates at 0.5 percent," he said in a research note.
"The minutes note 'little sign of future inflationary pressure' and indeed inflation is forecast to fall further in the coming months."