Mervyn King and others wanted to pump an extra £75 billion into the economy sent the pound tumbling today — the third time this month the Bank of England has hit sterling.

The pound all but doubled earlier losses to stand down 1.83 cents at $1.6376 in the minutes after the report was published. It was later down 1.66 cents at $1.6393.

It was only the latest occasion this month the Bank has sent the UK currency into a tailspin.

The City is concerned about the Bank's gloomy outlook for the UK economy, and a lack of evidence that quantitative easing will work.

Critics complain the highly ­unusual ­process is being carried out in a ­“somewhat arbitrary” manner.

The pound tumbled on 6 August when the Bank increased quantitative easing by £50 billion to £175 billion.

It then went into reverse on 12 August when King warned that “recovery could be slow and ­protracted” in the UK. He also said it was “more likely than not” inflation will fall below 1% this year.

The shock news King wanted to raise quantitative easing to £200 billion then sent sterling lower again today.

“When we see uncertainty creeping into what the Bank's course of action will be, the pound takes a buffeting,” said Peter Dixon of Commerzbank.

“It was surprising we had three ­members looking for £75 billion.

“This clearly suggests the bank is ­leaving the door open for additional measures, should they feel need for a rise. ­Quantitative easing is still very much in play,” he said.

The Bank is seen as favouring a weak currency because of the positive impact this would have in making exports more competitive, and therefore boosting the wider economy.