By Chris Dorrell The risk that the UK will face stubborn inflation pressures is diminishing fast, according to a member of the Bank of England’s rate-setting body, suggesting interest rate cuts might soon be on the way. Dave Ramsden, one of the nine Monetary Policy Committee (MPC) members, told an audience in Washington that he was now “more confident” that inflationary pressures were receding. “I was one of eight members who voted to hold Bank Rate at 5.25 per cent,” he said. “Over the last few months, I have become more confident in the evidence that risks to persistence in domestic inflatio…