- IMF's managing director Georgieva: BoE should remain accommodative, should scale up bond purchases
Market news
29 October 2020
IMF's managing director Georgieva: BoE should remain accommodative, should scale up bond purchases
- We are seeing second wave take hold in Europe
- UK GDP forecast to fall 10.4% in 2020, grow 5.7% in 2021
- Continued UK policy support essential to address pandemic and invigorate recovery.
- IMF supports UK's additional fiscal push
- Tools like negative rates can be brought in UK after further understanding is developed on when they would be most useful
- Some adjustments in UK tax rates appears inevitable
- Fiscal consolidation should only happen once private sector has durably picked up steam
- Essential for UK to stabilise then reduce public debt ratios
- Strongly encouraging the UK and the EU to make every effort to reach Brexit deal
- UK faces downside risks related to prolonged COVID-19 impact and no-deal Brexit
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