"The UK is facing a further contraction in its economy unless it increases spending on supporting jobs during the second wave of Covid-19. That is the opinion of the IMF which downgraded its forecasts for UK GDP in 2020 and 2021.

The economy is now expected to contract by 10.4% this year and recover in 2021 growing by 5.8%.

In order to invigorate the economy, the IMF recommends that the Bank of England increases its support for the economy by increasing its bond purchases. Support should last as long as the rate of infections remains according to the Fund’s Managing Director."

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