The Bank of England revealed a document that gives hint on the possible rate hike, sending the sterling down.
The minutes of the monetary policy committee’s meeting include the opinion of some members that "the downside risks to the inflation projection had increased but not enough to make a persuasive case for a reduction in interest rates".

The reasons the rate cut was considered as an option was the low economic growth and a rise in sterling in November that could have adverse effect on exports.

Ben Broadbent of Goldman Sachs wrote in a note that the minutes lay too much emphasis on the downside saying: "Since the meeting, the economic data - both here and elsewhere in Europe - has been stronger than expected."