IMF: Tools like negative rates can be brought in to the UK

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.