The Bank of England has "not run out of ammunition" to combat the U.K.'s economic slowdown, says bank policymaker David Miles. "If it turns out that not enough has been done, that the economy's going to stay in a recessionary state and that's going to drive inflation down, there is more we can do," Miles said, noting that the central bank's current Funding for Lending program should provide some benefit heading into 2013.