So on the oxford paper, the two main findings are this graph, where rho characterises the percentage of severe cases. (0.01 = 1%). 
But the key is to characterise rho in terms of the more common IFR - the death rate among all infections, we see from the rhs here that deaths are only 0.12-0.016 of rho.
This means that rho=0.001, generating the FT headlines, corresponds to a true IFR aroudn 0.00014, or 0.014%, which is deeply implausible. Using the same IFR as the imperial paper (1%), rho would be 0.06, and only a small fraction are infected. Hard to read but maybe 10%.
Very bad reporting from the FT not to make clear that you can only get that level of infections by assuming an IFR much lower than current estimates.
To put it in perspective, italy has had 6k deaths, which is 0.01% of 60m, so that model would imply 100% of italians already infected......
