THREAD: More than 4,000 new #COVID19 cases in the UK in the past 24 hours. More than 14k in Spain.
These numbers are clearly making a lot of people scared.
But has anything changed since I said it's not yet time to panic?
Quick recap:
I've been making three points: 1. yes cases are rising, but so far nowhere as fast as in spring. 2. UK following v much in Spain & France's footsteps - so we get a sneak preview of where we're heading 3. News from France/Spain backs up point 1: #COVID not taking off like Spring
Has any of that changed? After all, we've had some big new numbers in this week.
And problems with the testing system prompted some to ask whether the case figures this is all based on can be trusted anyway - eg maybe #COVID19 is spreading far faster than the official UK figs.
Let's take that last point first. So far, there's nothing to suggest official case numbers on @DHSCgovuk dashboard are wildly out of whack.
How do we know?
Because @ONS does its own survey and the growth rates it's seeing are pretty similar to those on the dashboard
At the peak of the disease we were seeing 100k new #COVID19 cases a day (Imperial estimate).
Currently acc to @ONS it's about 6-7k cases a day.
In spring disease was doubling every 2-3 days.
Currently it's doubling every 10+ days.
And that's a BIG difference (see charts)
Is the UK's #COVID19 situation still in line with France & Spain? V much so. Here's the latest trajectories as of today. Note these are 7 day averages but they include today's 4,322 positive COVID tests in the UK.
All this implies we'll be up to 10k a day within a few weeks.
Are there any positives to be taken from what's happening in France & Spain? It's very early to say but so far the data suggest case growth rates may be diminishing. So far it's nothing like spring. @danielhowdon wrote a good piece about that here: cebm.net/covid-19/does-…
Still: more UK cases will mean more UK hospitalisations and more deaths.
Next few weeks/months will be nervy.
But the lesson from last time is follow the data, not the anecdotes or the headlines.
And so far the data is still saying: don't panic.
If that changes I'll flash the 🚨
Final point:
"This isn't as bad as spring" isn't the same as "this isn't anything" #COVID19 cases are rising. People are getting sick; some will die.
It is understandable why many are cautious & worried.
But the data so far suggests the outlook may not be as grim as you think
A video update on what the #COVID19 data is telling us. Gratifyingly short this time around I'm delighted to report:
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What does a trade war look like?
Much of what you've heard about tariffs is prob soundbites from politicians & economists.
But what does a trade war actually FEEL like at ground level?
We've spent the past year working on a film on just that.
Here's some highlights
👇
Best place to start is with this👇
It may look like a lump of metal but don't be fooled.
This is a die: a sort of mould used to shape plastics. Looks simple but it's super-engineered - designed to withstand enormous pressure.
Without dies like this there's no manufacturing...
Dies and moulds are the unsung champions in modern mass production.
One of the single most impressive things about Tesla's manufacturing processes is what @elonmusk calls the Gigapress: a massive machine that shapes metal. And at the heart of the gigapress are enormous dies.
The PM keeps repeating the figure £16bn in relation to the OBR's latest forecasts - giving the impression that this would have left a big hole in the public finances. What he fails to acknowledge is that that this is LITERALLY ONLY ONE PART OF THE STORY.
Here's why...
Yes: the OBR downgraded the fiscal numbers by £16bn (actually £15.6bn) due to weaker productivity (red bar below).
But it also simultaneously UPGRADED them by a whopping £32bn (blue bars).
This chart from @TheIFS shows it pretty clearly👇
Banging on about the £16bn productivity - as the PM did repeatedly in his press conference today - without also mentioning the £14bn inflation UPGRADE and the £17bn of other UPGRADES seems... pretty misleading to me.
It's simply NOT the full picture...
NEW
UK abolishes its "de minimis" rules which exclude cheap imports below £135 from paying tariffs.
A massive deal for the fast fashion/cheap Chinese imports sector: this is the so-called loophole used to great effect by SHEIN and Temu.
Should also bring in some tariff revenue
For more background on this, here's our investigation from earlier this year on de minimis and what it means in practice - including a glimpse inside the planes carrying these imports into the UK 👇
The flip side to this policy is:
a) stuff (yes, a lot of it is tat but even so) will get more expensive
b) it primarily hits lower income households
c) as you'll see from my thread, de minimis was a lifesaver for small regional airports. Its demise is v bad news for them...
NEW
"Data center alley" in North Virginia.
Home to the biggest cluster of server centres in the world.
Here, more than anywhere else, is the global epicentre of AI.
It's where the recent AWS outage happened.
And we've secured rare access INSIDE one of the data centres...
The inside of one of the centres, run by Digital Realty, one of the biggest datacenter companies in the world.
Extremely high security. Long, long corridors, flanked by rooms in which those servers are operating.
This is the very heart of the biggest economic story right now
And inside one of those rooms, here is one of the supercomputers powering the AI boom. This Nvidia DGX H100 is the physical infrastructure making AI a reality.
🚨EXCLUSIVE
The firm at the heart of Britain's critical minerals strategy has ditched plans for a rare earths refinery in the UK, and will build it in the US instead.
It's a serious blow to the Chancellor and her plans for "securonomics" ahead of next month's Budget👇
Not long ago Pensana was being hailed as key to Britain's industrial future.
It had plans to ship rare earth ores to the UK and refine them in a plant just outside Hull, creating 126 jobs and bringing in hundreds of millions of pounds of investment...
Its Saltend site was where the then Biz sec Kwasi Kwarteng launched the govt's official critical minerals strategy a few years ago, saying: "This incredible facility will be the only of its kind in Europe and will help secure the resilience of Britain's supplies into the future"
📽️Is Britain REALLY facing a 1970s-style fiscal crisis?
Why are investors so freaked out about UK debt?
Is this REALLY worse than under Liz Truss?
Who's to blame? Rachel Reeves? The Bank of England?
And would a bit of productivity really solve everything?
📈 Your 6 min primer👇
OK, so let's break it down.
Start with the chart everyone (well, everyone in Whitehall) is talking about.
The 30yr UK government bond yield. Up to the highest level since 1998. And it's still rising.
Does this mean the UK is facing a fiscal crisis? Let's look at the evidence
First let's compare the UK to other G7 countries.
There's two ways to do this.
First, look at absolute levels👇
And it looks pretty awkward for the UK.
Pre-mini Budget we were middle of the pack. That changed post-Truss. And now, under Labour, the UK is even more of an outlier.