By Chris Dorrell The Bank of England should cut interest rates immediately or risk a “more profound” hit to the economy, a Monetary Policy Committee (MPC) member said today. Swati Dhingra, the only member of the MPC to back a rate reduction in the Bank’s most recent meeting, warned that the central bank was “underplaying the downside risks”. In an interview with the Financial Times, Dhingra argued that there was little risk of a resurgence in inflation given the weakness in consumer spending. “I’m not fully convinced there’s some kind of really sharp excess demand in the economy coming from th…