Comments from Georgieva on the UK:

  • We are seeing second wave take hold in Europe
  • UK GDP to fall 10.4% in 2020, grow 5.7% in 2021
  • Continued UK policy support essential
  • IMF supports additional UK fiscal push
  • BOE should remain accommodative, should scale up bond purchases
  • Tools like negative rates can be brought in after further understanding is developed on when they would be most useful
  • Some adjustments in UK tax rates 'appears inevitable'
  • UK faces downside risks

That's not a pretty picture for GBP or the UK.