The sharp fall in UK inflation does not pose a risk of deflation and there is no need to take more measures to stimulate the economy, a Bank of England policymaker said in a newspaper column on Sunday. David Miles, who argued forcefully for action during the financial crisis as one of the Bank’s nine rate-setters, said in The Sunday Telegraph today that some people were arguing that the plunge in inflation showed the need for a looser monetary policy. ‘This seemed wildly implausible just six months ago and I have my doubts even now,’ he said, explaining that cheaper food and fuel meant households were better able to ... (full story)